UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Peter V. Bonanno, Esq. | Copies to: | |
Goldman, Sachs & Co. | Jack W. Murphy, Esq. | |
One New York Plaza | Dechert LLP | |
New York, New York 10004 | 1775 I Street, NW | |
Washington, D.C. 20006 | ||
(Name and address of agents for service) |
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: October 31
Date of reporting period: April 30, 2009
ITEM 1. | REPORTS TO STOCKHOLDERS. | |
The Semi-Annual Report to Stockholders is filed herewith. |
Goldman Sachs Funds
Semi-Annual Report | April 30, 2009 | ||
Structured Domestic Equity Funds | |||
Balanced Fund | |||
Structured Large Cap Growth Fund | |||
Structured Large Cap Value Fund | |||
Structured Small Cap Equity Fund | |||
Structured Small Cap Growth Fund | |||
Structured Small Cap Value Fund | |||
Structured U.S. Equity Fund | |||
Goldman Sachs Structured Domestic Equity Funds
n | BALANCED FUND | |
n | STRUCTURED LARGE CAP GROWTH FUND | |
n | STRUCTURED LARGE CAP VALUE FUND | |
n | STRUCTURED SMALL CAP EQUITY FUND | |
n | STRUCTURED SMALL CAP GROWTH FUND | |
n | STRUCTURED SMALL CAP VALUE FUND | |
n | STRUCTURED U.S. EQUITY FUND |
TABLE OF CONTENTS
Principal Investment Strategies and Risks | 1 | |
Investment Process | 5 | |
Portfolio Review and Results | 13 | |
Schedules of Investments | 43 | |
Financial Statements | 88 | |
Notes to Financial Statements | 96 | |
Financial Highlights | 118 | |
Other Information | 132 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||||
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Principal Investment Strategies and Risks
This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectuses.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Stocks of smaller companies are often more volatile and less liquid and present greater risks than stocks of larger companies. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.
PORTFOLIO REVIEW
Goldman Sachs Structured Domestic Equity Funds
Market Review
The financial markets experienced unprecedented levels of distress during the six-month period ended April 30, 2009. Credit spreads1 widened dramatically and volatility increased, driving many investors to the sidelines. By the end of 2008, U.S. equity markets had declined more than 35% on average, and the markets continued to struggle in early 2009 as persistently weak conditions delayed an economic recovery. Major retailers and automakers warned of additional sales and profit declines. Shares of large banks fell sharply through the beginning of March on speculation the government would nationalize some of the most troubled financial institutions.
The U.S. economy remained in recession, contracting at an annualized rate of 6.1% in the first quarter of 2009. Home prices2 continued to decline. By the end of February, home prices were down more than 30% from their 2006 peak and were close to their level of late 2003. Meanwhile, the U.S. unemployment rate climbed from 6.6% at the beginning of the period to 8.9% in April — its highest level in more than 25 years. First-quarter consumer spending increased, rising to an annualized rate of 2.2% after plunging 4.3% in the fourth quarter of 2008.
In March, the Federal Reserve Board (the “Fed”) and the U.S. Treasury launched the Term Asset-Backed Securities Loan Facility (“TALF”), which was designed to provide up to $200 billion in financing for the issuance of asset-backed securities collateralized by loans. The Fed also announced the Public-Private Investment Program for the purchase of $500 billion of legacy assets from the balance sheets of financial institutions. In addition, it said that by the end of 2009, it would purchase up to $1.25 trillion in direct obligations of the government-sponsored enterprises, Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
During January, the Federal Reserve Bank of New York (the “New York Fed”) began buying up to $500 billion in agency mortgage-backed securities on behalf of the Fed, an effort slated for completion by the end of the second quarter of 2009. In March, the New York Fed also said it would purchase up to $300 billion in Treasury debt by autumn 2009.
Equity Markets
During the six-month period, small cap stocks modestly outperformed large cap stocks. The Russell 2000 Index, which measures the small cap universe, declined −8.40%, while the S&P 500 Index, a measure of large cap stocks, dropped −8.53%. Much of the loss in both sectors was attributable to the financials sector’s troubles.
Across the capitalization spectrum, growth-oriented stocks significantly outperformed value-oriented stocks, largely on the strength of industrial stocks. The Russell 1000 Value Index, measuring large cap value stocks, declined 13.27% during the six-month period ended April 30, 2009, significantly underperforming the Russell 1000 Growth Index, which was down 1.52%. Within the small cap segment of the equity market, returns were similar. The Russell 2000 Value Index declined −13.91% for the six-month period, while the Russell 2000 Growth Index fell a more modest 3.77%.
1 | Credit spread is the difference between the yield on the debt securities of a particular corporate or sovereign bond (or a class of bonds with a specified credit rating) and the yield of similar maturity U.S. Treasury debt securities. | |
2 | As measured by the S&P/Case-Shiller 20-City Composite Home Price Index. |
PORTFOLIO REVIEW
Fixed Income Markets
The Fed cut the targeted federal funds rate from 1% to a range of between 0% and 0.25% in mid-December 2008 and began to pursue unconventional approaches to ease the strain on the credit markets, such as making verbal commitments to maintain low rates and buying assets to try and stimulate demand.
Most sectors of the bond market outperformed U.S. Treasuries during the reporting period. Toward the end of the reporting period, corporate bonds performed particularly well as market participants showed a renewed appetite for risky assets. Residential mortgage-backed securities turned in strong performance in response to steady buying by the Fed. On the negative side, commercial mortgage-backed securities underperformed Treasuries as a result of ongoing refinancing challenges and a dearth of investor demand.
The yield on the 10-year Treasury note was volatile during the six-month period, but, from the beginning to the end of the reporting period, the yield only decreased from 3.95% to 3.12%.
Looking Ahead
We expect U.S. economic growth to remain negative through the first half of 2009 before turning modestly positive in the second half of the year. We believe the $787 billion fiscal stimulus package passed in February could add as much as 3% to U.S. GDP in the second and third quarters. In fact, we believe the stimulus alone may be enough to offset remaining economic weakness and push overall growth into positive territory by the third quarter.
Given this economic scenario, we strongly believe investors will use fundamentally-based criteria to build their portfolios in the coming months. That is, investors will choose to overweight those stocks with less expensive valuations, higher quality earnings and higher profitability. Stocks with good momentum are likely, in our view, to outperform those with poor momentum. Our focus will remain on companies with strong fundamentals, sustainable earnings and a track record of using capital to enhance shareholder value. As such, we anticipate remaining fully invested with long-term performance likely to be the result of security selection rather than sector or size allocations.
We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long run. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals, and improve our trading execution as we seek to provide the most value to our shareholders.
The economic and market forecasts presented herein have been generated by GSAM for informational purposes as of the date of this presentation. They are based on proprietary models and there can be no assurance that the forecasts will be achieved. Please see additional disclosures at the end of this presentation.
GOLDMAN SACHS BALANCED FUND
What Differentiates Goldman Sachs’
Balanced Fund Investment Process?
Balanced Fund Investment Process?
The Balanced Fund invests in a diversified investment portfolio through an asset allocation process of strategically selecting different asset classes — such as stocks and bonds. The Fund then adjusts its holdings over time. Goldman Sachs’ approach to asset allocation combines our global presence, market knowledge and risk management expertise.
The Goldman Sachs Balanced Fund provides exposure to the wealth-building opportunities of stocks and the regular income potential of bonds Fully invested, well-diversified portfolio that: n Maintains style, sector, risk and capitalization characteristics similar to the benchmark. n Offers broad access to a clearly defined equity universe. n Aims to generate equity income that is consistent and repeatable. In quantitative investing, we have a systematic and disciplined approach to investing. We have developed our own process-specific daily risk model that evaluates risk for more than 10,000 U.S. stocks daily. Our portfolio construction process uses this model in its attempt to manage and allocate portfolio risk. In fixed income investing, we believe that a total return investment philosophy provides the most complete picture of performance. We emphasize fundamental credit expertise. Our group scrutinizes factors that could impact a bond’s performance over time — similar to the evaluation of company stocks. Additionally, we identify, monitor and measure a fund’s risk profile. The Fund’s portfolio comprises the ideas of two experienced Goldman Sachs investment groups: Global Quantitative Investment Strategies Group: A group of investment professionals with over 17 years of investment experience and a strong commitment to quantitative research. Global Fixed Income Group: Broad, deep capabilities across global fixed income markets, with a total return investment philosophy. |
PORTFOLIO RESULTS
Balanced Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team and the Goldman Sachs Fixed Income Investment Management Team discuss the Fund’s performance and positioning for the six-month period ended April 30, 2009.
Q | How did the Goldman Sachs Balanced Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month reporting period that ended April 30, 2009, the Fund’s Class A, B, C, and Institutional Shares generated cumulative total returns, without sales charges, of −3.30%, −3.63%, −3.62%, and −3.19%, respectively. These returns compare to the −8.53% and 7.74% cumulative total return of the Fund’s benchmarks, the S&P 500 Index (with dividends reinvested) and the Barclay’s Capital Aggregate Bond Index. |
Q | How did the Fund’s asset allocation affect performance? |
A | In keeping with our investment approach, we split the Fund’s assets between equity and fixed income securities, targeting 60% equities and 40% fixed income. Indeed, as of April 30, 2009, the Fund was invested 61% in equities and 38% in fixed income. Therefore, the Fund’s overall asset allocation did not significantly affect performance. Rather, the performance of the equity and fixed income portions versus their respective benchmarks was the main driver of the Fund’s overall underperformance. |
Q | Did the Fund’s equity sector allocation overall help or hurt its performance? |
A | In investing the equity portion of the Fund’s portfolio, we invest in higher dividend-paying names within industries and sectors, rather than making industry or sector bets. Consequently, its industry and sector weights are similar to those of its equity benchmark, the S&P 500 Index, and do not have a meaningful impact on relative performance. |
Q | What key factors had the greatest impact on the Fund’s equity portfolio results during the semi-annual period? |
A | In our stock selection process, we use a unique, proprietary risk model that tracks and manages risk in the portfolio. We also integrate tax considerations into our investment decisions. |
The Fund was slightly underweight financials during the six months ended April 30, 2009, a period during which the financial sector was extremely volatile. As a result, even a small deviation from the sector’s returns within the S&P 500 Index had an impact on the Fund’s performance. Our stock selection within financials also hurt the Fund’s relative results.
Importantly, we generally favor stocks offering a high dividend yield. At the end of the reporting period, the dividend yield of the equity portion of the Fund was 2.85%, which was higher than the 2.35% dividend yield of the S&P 500 Index.
Q | Among individual holdings, which stocks contributed most to the Fund’s returns? |
A | The Fund benefited from overweight positions in beverage maker Anheuser-Busch Cos., Inc. and pharmaceutical company Pfizer, Inc. Both stocks performed well on a relative basis to the S&P 500 Index during the period. Also adding to the Fund’s relative returns were underweights in household product company The Procter & Gamble Co. and financial institution Bank of America Corp. |
Q | What individual stocks detracted from the Fund’s results during the reporting period? |
A | Detractors from the Fund’s relative results included underweight positions in financial companies Wells Fargo & Co. and JPMorgan Chase & Co., which each outperformed the S&P 500 Index during the reporting period. |
Q | Which fixed income market sectors most significantly affected the Fund’s semi-annual performance? |
A | An overweight position in agency-backed mortgage securities boosted performance. This sector performed well throughout the latter part of the period because of strong demand from the government’s purchase programs. |
Meanwhile, the Fund’s position in corporate bonds, particularly those issued by financial institutions such as banks and insurance companies, detracted from returns. Grave concern about the health of the financial system pushed down the prices of many of these securities. The Fund’s allocation to credit-sensitive mortgages also detracted from performance.
PORTFOLIO RESULTS
Q | What was the Fund’s duration strategy during the semi-annual period? |
A | Duration is a measure of the Fund’s sensitivity to changes in interest rates. The Fund held a long duration position within its fixed income portfolio at the beginning of the semi-annual period relative to the Barclays Capital U.S. Aggregate Bond Index. This positioning proved advantageous in the final months of 2008 as interest rates fell amid an extreme flight to quality. In early 2009, the Fund’s short duration position added to results. During those months, interest rates rose on concern about the heavy issuance of U.S. Treasury securities needed to fund the federal government’s various stimulus measures. |
Q | What changes did you make to the Fund’s fixed income weightings during the reporting period and how did it affect performance? |
A | We increased the Fund’s exposure to agency debentures, which enhanced its relative returns. We reduced the Fund’s holdings in residential mortgage-backed securities but maintained an overweight, which further added to results. We increased the Fund’s allocation to corporate bonds. Although this position detracted from Fund returns for the reporting period overall, the underperformance was partially mitigated by the strong performance of the Fund’s corporate bond position during the final month of the reporting period. |
Q | What is management’s equity strategy for the months ahead? |
A | The Goldman Sachs Quantitative Investment Strategies Equity Team manages the equity portion of the Fund’s portfolio. The Team seeks to provide investors with a broadly diversified exposure to the U.S. large-cap equity market. We do not make size or sector bets. Instead, we favor stocks with higher dividends within each industry. Our portfolio construction process integrates tax considerations into investment decisions. We use a unique, proprietary risk model in our stock selection process. We believe this risk model can be beneficial as it identifies, tracks and manages risk in the portfolio. |
The equity portion of the Fund continues to be broadly diversified. At the end of the six-month period, its industry and sector weights were similar to that of the S&P 500 Index. We intend to maintain our focus on stocks with high dividend yields.
Q | What is the Fund’s tactical view and strategy for the fixed income markets looking ahead? |
A | We expect continued volatility within the fixed income markets, with yields fluctuating in response to the large-scale issuance and heavy buying of the federal government. As a result, we are targeting a neutral duration position within the Fund’s fixed income portfolio. As the government continues to support the mortgage market by making purchases of residential mortgage-backed securities, we plan to maintain the Fund’s overweight to that fixed income sector. We also favor a moderate overweight in investment-grade corporate bonds with a focus on financials because we consider them cheaply priced. Within non-financials, we prefer high quality corporate securities, particularly those that have less cyclical cash flows, such as utilities, telecommunications, health care and cable. These are the areas of the non-financial corporate bond market we believe are best positioned to navigate through a prolonged period of slow economic growth and tight credit conditions. |
Goldman Sachs Quantitative Investment Strategies Group and Goldman Sachs Fixed Income Investment Group
New York, May 5, 2009
FUND BASICS
Balanced Fund
as of April 30, 2009
PERFORMANCE REVIEW
Fund Total Return | Barclay’s Capital | |||||||||||||
November 1, 2008-April 30, 2009 | (based on NAV)1 | S&P 500 Index2 | Aggregate Bond Index3 | |||||||||||
Class A | -3.30 | % | -8.53 | % | 7.74 | % | ||||||||
Class B | -3.63 | -8.53 | 7.74 | |||||||||||
Class C | -3.62 | -8.53 | 7.74 | |||||||||||
Institutional | -3.19 | -8.53 | 7.74 | |||||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
3 | The Barclay’s Capital Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deductions for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS4
For the period ended 3/31/09 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | -28.76 | % | -2.92 | % | -0.49 | % | 4.11 | % | 10/12/94 | |||||||||||
Class B | -28.98 | -2.96 | -0.68 | 2.13 | 5/1/96 | |||||||||||||||
Class C | -25.96 | -2.56 | -0.67 | -0.06 | 8/15/97 | |||||||||||||||
Institutional | -24.41 | -1.25 | 0.57 | 1.16 | 8/15/97 | |||||||||||||||
4 | The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
FUND BASICS
EXPENSE RATIOS5
Net Expense Ratio (Current) | Gross Expense Ratio (Before Waivers) | |||||||||
Class A | 1.05 | % | 1.29 | % | ||||||
Class B | 1.80 | 2.04 | ||||||||
Class C | 1.80 | 2.04 | ||||||||
Institutional | 0.65 | 0.89 | ||||||||
5 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP TEN EQUITY HOLDINGS AS OF 4/30/096
Holding | % of Net Assets | Line of Business | ||||||
Chevron Corp. | 1.6 | % | Oil, Gas & Consumable Fuels | |||||
Apple, Inc. | 1.3 | Computers & Peripherals | ||||||
Oracle Corp. | 1.2 | Software | ||||||
Exxon Mobil Corp. | 1.2 | Oil, Gas & Consumable Fuels | ||||||
Intel Corp. | 1.2 | Semiconductors & Semiconductor Equipment | ||||||
General Electric Co. | 1.2 | Industrial Conglomerates | ||||||
The Coca-Cola Co. | 1.1 | Beverages | ||||||
Google, Inc. | 1.1 | Internet Software & Services | ||||||
Microsoft Corp. | 1.0 | Software | ||||||
Cisco Systems, Inc. | 1.0 | Communications Equipment | ||||||
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
EQUITY SECTOR ALLOCATIONS AS OF 4/30/097
7 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category of the Fund reflects the value of investments in that category as a percentage of the total value of the investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 1.1% of the Fund’s net assets at April 30, 2009. |
FIXED INCOME SECTOR ALLOCATIONS8
8 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund’s Fixed Income investments. Short-term investments include repurchase agreements and represented 3.7% and 2.3% respectively of the Fund’s net assets at April 30, 2009 and October 31, 2008. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
What Differentiates Goldman Sachs’
Domestic Structured Funds Investment Process?
Domestic Structured Funds Investment Process?
At Goldman Sachs Asset Management, L.P. (GSAM), Structured Equity combines traditional fundamental analysis with sophisticated quantitative modeling. Our approach is not unlike that of a more traditional active manager: we look at fundamental investment themes (Valuation, Profitability, Quality, Management, Momentum and Sentiment) that have been effective historically in forecasting excess returns of stocks. However, where we differ from Traditional managers is that we seek to rigorously test every potential research theme or signal to verify whether they have shown consistent predictive ability across a wide variety of stocks in different time periods and under different market conditions.
n Comprehensive – We calculate expected excess returns for more than 10,000 stocks on a daily basis. n Rigorous – We evaluate stocks based on fundamental investment criteria that have outperformed historically. n Objective – Our stock selection process is free from the emotion that may lead to biased investment decisions. n Our computer optimization process allocates risk to our best investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns. n We use a unique, proprietary risk model that is designed to be more precise, more focused and faster to respond because it seeks to identify, track and manage risk specific to our process, using daily data. Fully invested, well-diversified portfolio that seeks to: n Maintain style, sector, risk and capitalization characteristics similar to the benchmark. n Offer broad access to a clearly defined equity universe. n Generate excess returns that are positive, consistent and repeatable. |
Enhancements Made to Proprietary Quantitative Model
During the Six-Month Period Ended April 30, 2009
During the Six-Month Period Ended April 30, 2009
We continuously look for ways to improve our investment process. Accordingly, during the reporting period, we introduced a number of enhancements to the proprietary quantitative model we use in the various structured domestic equity funds. During the fourth quarter of 2008, we expanded the signals within our Momentum theme to exploit cross-company linkages. Using new data sources, we identified additional lead-lag effects among groups of stocks through which stock returns for one group of companies can help our model predict the stock returns of economically related companies.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
We made this enhancement because we found that investors take time to incorporate into their decision-making company specific information and information about related companies. Our research has shown that a company’s stock returns tend to lag information about other companies. As part of our stock selection process, we identify these lead-lag relationships between companies in the same industry and between companies across linked industries. Furthermore, because our new cross-company component captures investor under-reaction to different news (that is, cross-company versus company-specific), it has a low correlation to the prior components of our Momentum theme. We have found these new signals to be effective in multiple regions and over different historical time periods.
In addition, we have recalibrated some of our signals so our models can react more quickly to market conditions. For example, we have adjusted the mix of older and newer information to improve their effectiveness in situations such as the crowding1 that occurred during 2007 and 2008.
Changes Made to the Team’s Management
Mark Carhart and Ray Iwanowski, formerly co-heads of Quantitative Investment Strategies (QIS), have retired, each to pursue separate personal and professional objectives. Giorgio De Santis, co-head of QIS Research, also decided to retire.
Katinka Domotorffy, Head of Strategy for QIS, has assumed the role of Chief Investment Officer (CIO) and Head of QIS. Since joining Goldman Sachs in 1998, she has been a senior portfolio manager, researcher and strategist with the QIS team. Bob Jones will remain as co-CIO of the QIS equity team. Kent Daniel, senior portfolio manager and co-head of QIS Research, has joined Katinka and Bob as co-CIO of the equity business.
Bill Fallon, senior portfolio manager, has joined Katinka as co-CIO of our macro/fixed income strategies and will also serve as co-head of Research. Bob Litterman will remain as the Chairman of QIS. The QIS team includes more than 115 professionals across all areas of the company, with 30 more in the information technology division.
1 | Crowding is a phenomenon in which quantitative managers look for similar stock traits using similar investment themes. |
PORTFOLIO RESULTS
Structured Large Cap Growth Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.
Q | How did the Goldman Sachs Structured Large Cap Growth Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month reporting period ended April 30, 2009, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −3.30%, −3.77%, −3.77%, −3.21%, −3.34%, −3.19% and −3.45%, respectively. These returns compare to the −1.52% cumulative total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), during the same period. |
Q | What key factors were most responsible for the Fund’s performance during the six-month reporting period? |
A | As expected, and in keeping with our investment approach, our quantitative model and its six investment themes had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long-term, even though the Fund may experience underperformance in the short term. |
Overall, the Fund underperformed during the period with our Profitability theme hurting results the most. The Profitability theme assesses whether a company is earning more than its cost of capital. Other detractors were Momentum, Quality and Valuation. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.
Sentiment was the best-performing theme during the Reporting Period. The Sentiment theme reflects how Wall Street analysts’ views about a company’s earnings and prospects are changing over time. Management, which assesses the company’s management strategy and behavior, also added value, though to a lesser extent.
Q | How did the Fund’s sector allocations affect relative performance? |
A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. Consequently, the Fund is similar to its benchmark, the Russell 1000 Growth Index, in terms of its sector allocation and style. Changes in its sector weights generally do not have a meaningful impact on relative performance. |
Q | Did stock selection help or hurt Fund performance during the reporting period? |
A | We seek to outpace the Russell 1000 Growth Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark. During the six-month reporting period, our stock picks detracted from the Fund’s relative performance. |
Q | Which stock positions contributed the most to the Fund’s relative returns during the first half of the fiscal year? |
A | Stock selection in the health care, industrials and telecommunications services sectors benefited the Fund’s results versus its benchmark index. An overweight in telecommunications firm Sprint Nextel Corp. and petroleum company Tesoro Corp. particularly helped. We chose to overweight Sprint Nextel Corp. because of our positive views on Valuation and Quality. Our positive views on Profitability and Valuation also led us to overweight Tesoro Corp. An underweight position in household product-maker The Procter & Gamble Co., assumed because of our negative views on Profitability and Sentiment, was also a significant relative contributor during the reporting period. |
PORTFOLIO RESULTS
Q | Which individual positions detracted from the Fund’s results during the reporting period? |
A | Security selection in the financials, consumer discretionary and energy sectors hindered the Fund’s relative results. Detracting most were overweight positions in supplemental insurance provider Aflac, Inc., health insurance company Humana, Inc. and global management consulting firm Accenture Ltd. The Fund was overweight Aflac, Inc. because of our positive views on Profitability and Sentiment. The Fund was overweight Humana, Inc. because of our positive views on Profitability and Momentum, and it was overweight Accenture Ltd. because of our positive views on Profitability and Quality. |
Q | What was the Fund’s sector positioning relative to its benchmark index at the end of the reporting period? |
A | As of April 30, 2009, the Fund was overweight the consumer discretionary, energy, information technology, telecommunication services and consumer staples sectors relative to the Russell 1000 Growth Index. The Fund was underweight utilities, industrials, health care, materials and financials relative to its benchmark index at the end of the reporting period. |
Goldman Sachs Quantitative Investment Strategies Team
New York, May 5, 2009
FUND BASICS
Structured Large Cap Growth Fund
as of April 30, 2009
PERFORMANCE REVIEW
November 1, 2008-April 30, 2009 | Fund Total Return (based on NAV)1 | Russell 1000 Growth Index2 | ||||||||
Class A | -3.30 | % | -1.52 | % | ||||||
Class B | -3.77 | -1.52 | ||||||||
Class C | -3.77 | -1.52 | ||||||||
Institutional | -3.21 | -1.52 | ||||||||
Service | -3.34 | -1.52 | ||||||||
Class IR | -3.19 | -1.52 | ||||||||
Class R | -3.45 | -1.52 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 1000 Growth Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
For the period ended 3/31/09 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | -40.03 | % | -7.95 | % | -6.70 | % | 4.70 | % | 11/11/91 | |||||||||||
Class B | -40.11 | -8.01 | -6.89 | -1.70 | 5/1/97 | |||||||||||||||
Class C | -37.56 | -7.61 | -6.87 | -3.12 | 8/15/97 | |||||||||||||||
Institutional | -36.23 | -6.50 | -5.77 | 5.33 | 11/11/91 | |||||||||||||||
Service | -36.52 | -6.95 | -6.24 | 4.98 | 11/11/91 | |||||||||||||||
Class IR | -36.30 | N/A | N/A | -35.63 | 11/30/07 | |||||||||||||||
Class R | -36.63 | N/A | N/A | -35.94 | 11/30/07 | |||||||||||||||
3 | The Standardized Average Annual Total Returns are average annual total returns or cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
FUND BASICS
EXPENSE RATIOS4
Net Expense Ratio (Current) | Gross Expense Ratio (Before Waivers) | |||||||||||
Class A | 0.95 | % | 1.10 | % | ||||||||
Class B | 1.70 | 1.85 | ||||||||||
Class C | 1.70 | 1.85 | ||||||||||
Institutional | 0.55 | 0.70 | ||||||||||
Service | 1.05 | 1.20 | ||||||||||
Class IR | 0.70 | 0.85 | ||||||||||
Class R | 1.20 | 1.35 | ||||||||||
4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP TEN HOLDINGS AS OF 4/30/095
Holding | % of Net Assets | Line of Business | ||||||
Microsoft Corp. | 4.6 | % | Software | |||||
Cisco Systems, Inc. | 3.5 | Communications Equipment | ||||||
Wal-Mart Stores, Inc. | 2.9 | Food & Staples Retailing | ||||||
Accenture Ltd. | 2.8 | IT Services | ||||||
Gilead Sciences, Inc. | 2.5 | Biotechnology | ||||||
Emerson Electric Co. | 2.2 | Electrical Equipment | ||||||
Google, Inc. | 2.1 | Internet Software & Services | ||||||
Apple, Inc. | 2.1 | Computers & Peripherals | ||||||
Lorillard, Inc. | 2.1 | Tobacco | ||||||
Intel Corp. | 2.1 | Semiconductors & Semiconductor Equipment | ||||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATIONS AS OF 4/30/096
Percentage of Investment Portfolio
6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team in the schedule of investments may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 9.0% of the Fund’s net assets at April 30, 2009. |
PORTFOLIO RESULTS
Structured Large Cap Value Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.
Q | How did the Goldman Sachs Structured Large Cap Value Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month reporting period ended April 30, 2009, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −15.92%, −16.24%, −16.12%, −15.74%, −15.90%, −15.82% and −15.95%, respectively. These returns compare to the −13.27% cumulative total return of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested), during the same period. |
Q | What key factors were most responsible for the Fund’s performance during the six-month reporting period? |
A | Overall, the Fund underperformed during the period. Stock selection, driven by our quantitative model, detracted. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long-term, even though the Fund may experience underperformance in the short term. |
Among our themes, Profitability hurt results the most. Profitability assesses whether a company is earning more than its cost of capital. Other detractors were Quality, Valuation and Momentum. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Momentum predicts drift in stock prices caused by under-reaction to company-specific information.
Sentiment was the best-performing theme during the reporting period. The Sentiment theme reflects how Wall Street analysts’ views about a company’s earnings and prospects are changing over time. Management, which assesses the company’s management strategy and behavior, also added value, though to a lesser extent.
Q | How did the Fund’s sector allocations affect relative performance? |
A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. Consequently, the Fund is similar to its benchmark, the Russell 1000 Value Index, in terms of its sector allocation and style. Changes in its sector weights generally do not have a meaningful impact on relative performance. |
Q | Did stock selection help or hurt Fund performance during the reporting period? |
A | We seek to outpace the Russell 1000 Value Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark. During the six-month reporting period, our stock picks detracted from the Fund’s performance versus its benchmark index. |
Q | Which stock positions contributed the most to the Fund’s relative returns during the first half of the fiscal year? |
A | The Fund’s investments in the industrials, health care and consumer staples sectors helped its relative results the most. In particular, the Fund benefited from overweights in global food and agribusiness company Bunge Ltd., telecommunications firm Sprint Nextel Corp. and petroleum company Tesoro Corp. We chose to overweight Bunge Ltd. as a result of our positive views on Momentum and Valuation and to overweight Sprint Nextel Corp. because of our positive views on Valuation and Quality. Our positive views on Profitability and Valuation led us to overweight Tesoro Corp. |
PORTFOLIO RESULTS
Q | Which individual positions detracted from the Fund’s results during the reporting period? |
A | Security selection in the financials, consumer discretionary and energy sectors hampered the Fund’s relative performance during the reporting period. An overweight in Aflac, Inc., which provides supplemental insurance, detracted. The Fund was overweight Aflac, Inc. because of our positive views on Profitability and Sentiment. Underweights in these financial services companies also hindered results. We chose to underweight Bank of America Corp. because of our negative views on Sentiment and Momentum, and we are prohibited from holding Goldman Sachs Group. |
Q | What was the Fund’s sector positioning relative to its benchmark index at the end of the reporting period? |
A | Throughout the reporting period, the Fund was overweight the energy, consumer discretionary, information technology, telecommunication services and financials sectors relative to the Russell 1000 Value Index. The Fund was underweight utilities, industrials, materials, health care and consumer staples relative to its benchmark index at the end of the reporting period. |
Goldman Sachs Quantitative Investment Strategies Team
New York, May 5, 2009
FUND BASICS
Structured Large Cap Value Fund
as of April 30, 2009
PERFORMANCE REVIEW
November 1, 2008-April 30, 2009 | Fund Total Return (based on NAV)1 | Russell 1000 Value Index2 | ||||||||
Class A | -15.92 | % | -13.27 | % | ||||||
Class B | -16.24 | -13.27 | ||||||||
Class C | -16.12 | -13.27 | ||||||||
Institutional | -15.74 | -13.27 | ||||||||
Service | -15.90 | -13.27 | ||||||||
Class IR | -15.82 | -13.27 | ||||||||
Class R | -15.95 | -13.27 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 1000 Value Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
For the period ended 3/31/09 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | -46.08 | % | -7.72 | % | -2.51 | % | -2.21 | % | 12/31/98 | |||||||||||
Class B | -46.26 | -7.75 | -2.70 | -2.42 | 12/31/98 | |||||||||||||||
Class C | -44.05 | -7.40 | -2.69 | -2.42 | 12/31/98 | |||||||||||||||
Institutional | -42.78 | -6.30 | -1.58 | -1.30 | 12/31/98 | |||||||||||||||
Service | -43.07 | -6.78 | -2.06 | -1.77 | 12/31/98 | |||||||||||||||
Class IR | -42.90 | N/A | N/A | -39.73 | 11/30/07 | |||||||||||||||
Class R | -43.19 | N/A | N/A | -40.00 | 11/30/07 | |||||||||||||||
3 | The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
FUND BASICS
EXPENSE RATIOS4
Net Expense Ratio (Current) | Gross Expense Ratio (Before Waivers) | |||||||
Class A | 0.95 | % | 1.05 | % | ||||
Class B | 1.70 | 1.80 | ||||||
Class C | 1.70 | 1.80 | ||||||
Institutional | 0.55 | 0.65 | ||||||
Service | 1.05 | 1.15 | ||||||
Class IR | 0.70 | 0.80 | ||||||
Class R | 1.20 | 1.30 | ||||||
4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP TEN HOLDINGS AS OF 4/30/095
Holding | % of Net Assets | Line of Business | ||||
Exxon Mobil Corp. | 6.9 | % | Oil, Gas & Consumable Fuels | |||
Chevron Corp. | 3.5 | Oil, Gas & Consumable Fuels | ||||
AT&T, Inc. | 3.0 | Diversified Telecommunication Services | ||||
JPMorgan Chase & Co. | 2.6 | Diversified Financial Services | ||||
Wells Fargo & Co. | 2.3 | Commercial Banks | ||||
General Electric Co. | 2.1 | Industrial Conglomerates | ||||
Verizon Communications, Inc. | 2.0 | Diversified Telecommunication Services | ||||
Eli Lilly & Co. | 1.9 | Pharmaceuticals | ||||
Lorillard, Inc. | 1.9 | Tobacco | ||||
Pfizer, Inc. | 1.8 | Pharmaceuticals | ||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATIONS AS OF 4/30/096
6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team in the schedule of investments may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 13.9% of the Fund’s net assets at April 30, 2009. |
PORTFOLIO RESULTS
Structured Small Cap Equity Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.
Q | How did the Goldman Sachs Structured Small Cap Equity Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month reporting period ended April 30, 2009, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −9.97%, −10.34%, −10.29%, −9.73%, −9.94%, −9.83% and −9.99%, respectively. These returns compare to the −8.40% cumulative total return of the Fund’s benchmark, the Russell 2000 Index (with dividends reinvested), during the same period. |
Q | What key factors were most responsible for the Fund’s performance during the six-month reporting period? |
A | As expected, and in keeping with our investment approach, our quantitative model and its six investment themes had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long-term, even though the Fund may experience underperformance in the short term. |
Overall, the Fund modestly underperformed during the period, with our Valuation theme detracting the most from performance. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Management, which assesses the company’s management strategy and behavior, also negatively impacted relative returns, though to a lesser extent.
Momentum was by far the best-performing theme during the reporting period. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Also adding value were Quality and Sentiment. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Sentiment reflects how Wall Street analysts’ views about a company’s earnings and prospects are changing over time.
Profitability was flat in terms of its relative contribution to Fund results during the reporting period. The Profitability theme assesses whether a company is earning more than its cost of capital.
Q | How did the Fund’s sector allocations affect relative performance? |
A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. Consequently, the Fund is similar to its benchmark, the Russell 2000 Index, in terms of its sector allocation and style. Changes in its sector weights generally do not have a meaningful impact on relative performance. |
Q | Did stock selection help or hurt Fund performance during the reporting period? |
A | We seek to outpace the Russell 2000 Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark. During the six-month reporting period, stock selection overall hurt the Fund’s relative performance. |
Q | Which stock positions contributed the most to the Fund’s relative returns during the first half of the fiscal year? |
A | Positions in the consumer staples, energy and telecommunications services sectors enhanced the Fund’s relative returns. Specifically, the Fund benefited from overweights in lawn and garden products manufacturer Central Garden & Pet Co., petroleum company Tesoro Corp. and online movie rental service Netflix, Inc. We chose to overweight Central Garden & Pet Co. because of our positive views on Momentum and Quality. The overweight in Tesoro Corp. was the result of our positive views on Profitability and Sentiment, while the overweight in |
PORTFOLIO RESULTS
Netflix, Inc. was assumed because of our positive views on Valuation and Quality. |
Q | Which individual positions detracted from the Fund’s results during the reporting period? |
A | Security selection in the industrials, information technology and materials sectors detracted from the Fund’s relative performance. Detracting most were overweight positions in Compass Minerals International, Inc., one of the largest salt producers in the United States, Emergent BioSolutions, Inc., a biopharmaceutical maker and Cathay General Bancorp, a banking holding company. Our positive views on Sentiment and Quality led us to overweight Compass Minerals International, Inc. The Fund was overweight Emergent BioSolutions, Inc. because of our positive views on Profitability and Momentum, while the overweight to Cathay General Bancorp was the result of our positive views on Quality and Profitability. |
Q | What was the Fund’s sector positioning relative to its benchmark index at the end of the reporting period? |
A | As of April 30, 2009, the Fund was overweight the telecommunication services, consumer discretionary, energy, consumer staples and information technology sectors relative to the Russell 2000 Index. The Fund was underweight utilities, financials and industrials. The Fund was relatively neutral to the benchmark index in health care and materials at the end of the reporting period. |
Goldman Sachs Quantitative Investment Strategies Team
New York, May 5, 2009
FUND BASICS
Structured Small Cap Equity Fund
as of April 30, 2009
PERFORMANCE REVIEW
November 1, 2008-April 30, 2009 | Fund Total Return (based on NAV)1 | Russell 2000 Index2 | ||||||||
Class A | -9.97 | % | -8.40 | % | ||||||
Class B | -10.34 | -8.40 | ||||||||
Class C | -10.29 | -8.40 | ||||||||
Institutional | -9.73 | -8.40 | ||||||||
Service | -9.94 | -8.40 | ||||||||
Class IR | -9.83 | -8.40 | ||||||||
Class R | -9.99 | -8.40 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 2000 Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000 Index. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
For the period ended 3/31/09 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | -42.37 | % | -10.37 | % | -0.15 | % | -0.63 | % | 8/15/97 | |||||||||||
Class B | -42.46 | -10.40 | -0.33 | -0.89 | 8/15/97 | |||||||||||||||
Class C | -40.15 | -10.05 | -0.32 | -0.88 | 8/15/97 | |||||||||||||||
Institutional | -38.77 | -8.99 | 0.82 | -0.24 | 8/15/97 | |||||||||||||||
Service | -39.05 | -9.44 | 0.33 | -0.24 | 8/15/97 | |||||||||||||||
Class IR | -38.92 | N/A | N/A | -36.54 | 11/30/07 | |||||||||||||||
Class R | -39.09 | N/A | N/A | -36.72 | 11/30/07 | |||||||||||||||
3 | The Standardized Average Annual Total Returns are average annual total returns or cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
FUND BASICS
EXPENSE RATIOS4
Net Expense Ratio (Current) | Gross Expense Ratio (Before Waivers) | |||||||||
Class A | 1.25 | % | 1.36 | % | ||||||
Class B | 2.00 | 2.11 | ||||||||
Class C | 2.00 | 2.11 | ||||||||
Institutional | 0.85 | 0.96 | ||||||||
Service | 1.35 | 1.46 | ||||||||
Class IR | 1.00 | 1.11 | ||||||||
Class R | 1.50 | 1.61 | ||||||||
4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP TEN HOLDINGS AS OF 4/30/095
Holding | % of Net Assets | Line of Business | ||||||
Compass Minerals International, Inc. | 0.9 | % | Metals & Mining | |||||
Realty Income Corp. | 0.9 | Real Estate Investment Trusts | ||||||
Panera Bread Co. | 0.9 | Hotels, Restaurants & Leisure | ||||||
Central Garden & Pet Co. | 0.8 | Household Products | ||||||
Carter’s, Inc. | 0.8 | Textiles, Apparel & Luxury Goods | ||||||
Papa John’s International, Inc. | 0.8 | Hotels, Restaurants & Leisure | ||||||
Commvault Systems, Inc. | 0.8 | Software | ||||||
USA Mobility, Inc. | 0.7 | Wireless Telecommunication Services | ||||||
The Toro Co. | 0.7 | Machinery | ||||||
Aeropostale, Inc. | 0.7 | Specialty Retail | ||||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATIONS AS OF 4/30/096
6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team in the schedule of investments may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 16.5% of the Fund’s net assets at April 30, 2009. |
PORTFOLIO RESULTS
Structured Small Cap Growth Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.
Q | How did the Goldman Sachs Structured Small Cap Growth Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month reporting period ended April 30, 2009, the Fund’s Class A, B, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of −4.19%, −4.52%, −4.48%, −3.89%, −3.94% and −4.28%, respectively. These returns compare to the −3.77% cumulative total return of the Fund’s benchmark, the Russell 2000 Growth Index (with dividends reinvested), during the same period. |
Q | What key factors were most responsible for the Fund’s performance during the six-month reporting period? |
A | As expected, and in keeping with our investment approach, our quantitative model and its six investment themes had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long-term, even though the Fund may experience underperformance in the short term. |
Overall, the Fund underperformed during the period, with our Profitability theme hurting results most. The Profitability theme assesses whether a company is earning more than its cost of capital. Other detractors were Momentum, Valuation and Quality. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals.
Sentiment was the best-performing theme during the reporting period. The Sentiment theme reflects how Wall Street analysts’ views about a company’s earnings and prospects are changing over time. Management, which assesses the company’s management strategy and behavior, also added value, though to a lesser extent.
Q | How did the Fund’s sector allocations affect relative performance? |
A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. Consequently, the Fund is similar to its benchmark, Russell 2000 Growth Index, in terms of its sector allocation and style. Changes in its sector weights generally do not have a meaningful impact on relative performance. |
Q | Did stock selection help or hurt Fund performance during the reporting period? |
A | We seek to outpace the Russell 2000 Growth Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark. During the six-month reporting period, our stock selection had a mixed impact on the Fund’s relative returns. |
Q | Which stock positions contributed the most to the Fund’s relative returns during the first half of the fiscal year? |
A | Stock picks in the consumer staples, financials and energy sectors boosted the Fund’s relative performance most. Specifically, the Fund benefited from overweight positions in Central Garden & Pet Co., a maker of lawn and garden products, ArcSight, Inc., which provides compliance and security management solutions and Netflix, Inc., an online movie rental service. We chose to overweight Central Garden & Pet Co. and ArcSight, Inc. because of our positive views on Momentum and Quality. The overweight in Netflix, Inc. was assumed because of our positive views on Quality and Profitability. |
PORTFOLIO RESULTS
Q | Which individual positions detracted from the Fund’s results during the reporting period? |
A | Holdings in the materials, industrials and information technology sectors hampered the Fund’s relative performance. The largest detractors were an underweight in Dendreon Corp. and an overweight in Emergent Biosolutions, Inc., both biotechnology companies. An overweight in Compass Minerals International, Inc., one of the largest salt producers in the United States, further detracted. We chose to underweight Dendreon Corp. because of our negative views on Profitability and Management. Our positive views on Profitability and Momentum resulted in the Fund’s overweight in Emergent Biosolutions, Inc., while the overweight in Compass Minerals International, Inc. was assumed because of our positive views on Sentiment and Quality. |
Q | What was the Fund’s sector positioning relative to its benchmark index at the end of the reporting period? |
A | As of April 30, 2009, the Fund was overweight the telecommunication services, consumer discretionary, energy, consumer staples and information technology sectors relative to the Russell 2000 Growth Index. As of the same date, the Fund was underweight the financials, industrials, utilities and health care sectors. The Fund was relatively neutral to the benchmark index in materials at the end of the reporting period. |
Goldman Sachs Quantitative Investment Strategies Team
New York, May 5, 2009
FUND BASICS
Structured Small Cap Growth Fund
as of April 30, 2009
PERFORMANCE REVIEW
Fund Total Return | Russell 2000 | |||||||||
November 1, 2008-April 30, 2009 | (based on NAV)1 | Growth Index2 | ||||||||
Class A | -4.19 | % | -3.77 | % | ||||||
Class B | -4.52 | -3.77 | ||||||||
Class C | -4.48 | -3.77 | ||||||||
Institutional | -3.89 | -3.77 | ||||||||
Class IR | -3.94 | -3.77 | ||||||||
Class R | -4.28 | -3.77 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 2000 Growth Index measures the performance of the small-cap growth stocks of the U.S. equity universe. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
For the period ended 3/31/09 | One Year | Since Inception | Inception Date | |||||||||
Class A | -39.38 | % | -34.52 | % | 6/25/07 | |||||||
Class B | -39.53 | -34.44 | 6/25/07 | |||||||||
Class C | -37.02 | -32.92 | 6/25/07 | |||||||||
Institutional | -35.64 | -32.13 | 6/25/07 | |||||||||
Class IR | -35.71 | -35.92 | 11/30/07 | |||||||||
Class R | -36.06 | -36.23 | 11/30/07 | |||||||||
3 | The Standardized Average Annual Total Returns are average annual total returns or cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class R and IR shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
FUND BASICS
EXPENSE RATIOS4
Net Expense Ratio (Current) | Gross Expense Ratio (Before Waivers) | |||||||||
Class A | 1.25 | % | 2.00 | % | ||||||
Class B | 2.00 | 2.75 | ||||||||
Class C | 2.00 | 2.75 | ||||||||
Institutional | 0.85 | 1.60 | ||||||||
Class IR | 1.00 | 1.75 | ||||||||
Class R | 1.50 | 2.25 | ||||||||
4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP 10 HOLDINGS AS OF 4/30/095
Holding | % of Net Assets | Line of Business | ||||||
Aeropostale, Inc. | 1.5 | % | Specialty Retail | |||||
Compass Minerals International, Inc. | 1.1 | Metals & Mining | ||||||
TiVo, Inc. | 1.0 | Software | ||||||
Papa John’s International, Inc. | 1.0 | Hotels, Restaurants & Leisure | ||||||
Facet Biotech Corp. | 1.0 | Biotechnology | ||||||
Acuity Brands, Inc. | 0.9 | Electrical Equipment | ||||||
Commvault Systems, Inc. | 0.9 | Software | ||||||
ValueClick, Inc. | 0.9 | Internet Software & Services | ||||||
Netflix, Inc. | 0.9 | Internet & Catalog Retail | ||||||
PDL BioPharma, Inc. | 0.9 | Biotechnology | ||||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATION AS OF 4/30/096
Percentage of Investment Portfolio
6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team in the schedule of investments may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 7.2% of the Fund’s net assets at April 30, 2009. |
PORTFOLIO RESULTS
Structured Small Cap Value Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.
Q | How did the Goldman Sachs Structured Small Cap Value Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month reporting period ended April 30, 2009, the Fund’s Class A, B, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of −13.75%, −13.80%, −14.30%, −13.65%, −14.04% and −14.02%, respectively. These returns compare to the −12.60% cumulative total return of the Fund’s benchmark, the Russell 2000 Value Index (with dividends reinvested), during the same period. |
Q | What key factors were most responsible for the Fund’s performance during the six-month reporting period? |
A | As expected, and in keeping with our investment approach, our quantitative model and its six investment themes had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long-term, even though the Fund may experience underperformance in the short term. |
Overall, the Fund modestly underperformed during the period, with our Valuation theme detracting the most. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Management, which assesses the company’s management strategy and behavior, also hurt returns.
Momentum was by far the best-performing theme during the report period. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Also adding value were Profitability, Quality and Sentiment. Profitability assesses whether a company is earning more than its cost of capital. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Sentiment reflects how Wall Street analysts’ views about a company’s earnings and prospects are changing over time.
Q | How did the Fund’s sector allocations affect relative performance? |
A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. Consequently, the Fund is similar to its benchmark, the Russell 2000 Value Index, in terms of its sector allocation and style. Changes in its sector weights generally do not have a meaningful impact on relative performance. |
Q | Did stock selection help or hurt Fund performance during the reporting period? |
A | We seek to outpace the Russell 2000 Value Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark. During the six-month reporting period, our stock selection had a mixed impact on the Fund’s relative returns. |
Q | Which stock positions contributed the most to the Fund’s relative returns during the first half of the fiscal year? |
A | Stock picks in the consumer staples, health care and energy sectors boosted the Fund’s relative performance most during the reporting period. Specifically, the Fund benefited from overweights in lawn and garden products maker Central Garden & Pet Co., petroleum company Tesoro Corp. and oil refiner Western Refining, Inc. We chose to overweight Central Garden & Pet Co. because of our positive views on Momentum and Quality. Our positive views on Profitability and Valuation led us to overweight Tesoro Corp., while the Fund’s overweight in Western Refining, Inc. was the result of our positive views on Sentiment and Profitability. |
PORTFOLIO RESULTS
Q | Which individual positions detracted from the Fund’s results during the reporting period? |
A | The Fund’s holdings in the materials, information technology and consumer discretionary sectors detracted from the Fund’s relative performance during the reporting period. Detracting most were overweight positions in Compass Minerals International, Inc., one of the largest salt producers in the United States, Cathay General Bancorp, a bank holding company and Ferro Corp., a maker of specialty materials and chemicals for manufacturers around the world. The overweight in Compass Minerals International, Inc. was assumed because of our positive views on Sentiment and Quality. Our positive views on Valuation and Quality led us to overweight Cathay General Bancorp and Ferro Corp. |
Q | What was the Fund’s sector positioning relative to its benchmark index at the end of the reporting period? |
A | As of April 30, 2009, the Fund was overweight the telecommunication services, consumer discretionary, energy, consumer staples and information technology sectors relative to the Russell 2000 Value Index. The Fund was underweight the utilities, financials and industrial sectors relative to the benchmark index at the end of the reporting period. |
Goldman Sachs Quantitative Investment Strategies Team
New York, May 5, 2009
FUND BASICS
Structured Small Cap Value Fund
as of April 30, 2009
PERFORMANCE REVIEW
Fund Total Return | Russell 2000 | |||||||||
November 1, 2008-April 30, 2009 | (based on NAV)1 | Value Index2 | ||||||||
Class A | -13.75 | % | -12.60 | % | ||||||
Class B | -13.80 | -12.60 | ||||||||
Class C | -14.30 | -12.60 | ||||||||
Institutional | -13.65 | -12.60 | ||||||||
Class IR | -14.04 | -12.60 | ||||||||
Class R | -14.02 | -12.60 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The Russell 2000 Value Index is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
For the period ended 3/31/09 | One Year | Since Inception | Inception Date | |||||||||
Class A | -42.85 | % | -37.55 | % | 6/25/07 | |||||||
Class B | -40.58 | -37.40 | 6/25/07 | |||||||||
Class C | -40.10 | -36.03 | 6/25/07 | |||||||||
Institutional | -39.14 | -35.21 | 6/25/07 | |||||||||
Class IR | -39.48 | -36.69 | 11/30/07 | |||||||||
Class R | -39.69 | -36.85 | 11/30/07 | |||||||||
3 | The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class R and IR shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
FUND BASICS
EXPENSE RATIOS4
Net Expense Ratio (Current) | Gross Expense Ratio (Before Waivers) | |||||||||
Class A | 1.25 | % | 1.53 | % | ||||||
Class B | 2.00 | 2.28 | ||||||||
Class C | 2.00 | 2.28 | ||||||||
Institutional | 0.85 | 1.13 | ||||||||
Class IR | 1.00 | 1.28 | ||||||||
Class R | 1.50 | 1.78 | ||||||||
4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP 10 HOLDINGS AS OF 4/30/095
Holding | % of Net Assets | Line of Business | ||||||
Realty Income Corp. | 1.6 | % | Real Estate Investment Trusts | |||||
International Bancshares Corp. | 1.1 | Commercial Banks | ||||||
USA Mobility, Inc. | 1.1 | Wireless Telecommunication Services | ||||||
Central Garden & Pet Co. | 1.0 | Household Products | ||||||
Senior Housing Properties Trust | 1.0 | Real Estate Investment Trusts | ||||||
Susquehanna Bancshares, Inc. | 0.9 | Commercial Banks | ||||||
New Jersey Resources Corp. | 0.9 | Gas Utilities | ||||||
Stage Stores, Inc. | 0.9 | Specialty Retail | ||||||
Carter’s, Inc. | 0.9 | Textiles, Apparel & Luxury Goods | ||||||
Hot Topic, Inc. | 0.9 | Specialty Retail | ||||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATION AS OF 4/30/096
Percentage of Investment Portfolio
6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team in the schedule of investments may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 15.5% of the Fund’s net assets at April 30, 2009. |
PORTFOLIO RESULTS
Structured U.S. Equity Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six months ended April 30, 2009.
Q | How did the Goldman Sachs Structured U.S. Equity Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month reporting period ended April 30, 2009, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −9.94%, −10.25%, −10.22%, −9.77%, −9.97%, −9.80% and −9.98%, respectively. These returns compare to the −8.53% cumulative total return of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), during the same period. |
Q | What key factors were most responsible for the Fund’s performance during the six-month reporting period? |
A | As expected, and in keeping with our investment approach, our quantitative model and its six investment themes had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long-term, even though the Fund may experience underperformance in the short term. |
Overall, the Fund underperformed during the period, with our Profitability theme hurting results the most. Profitability assesses whether a company is earning more than its cost of capital. Other detractors were Momentum, Valuation and Quality. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals.
Sentiment was the best-performing theme during the reporting period. The Sentiment theme reflects how Wall Street analysts’ views about a company’s earnings and prospects are changing over time. Management, which assesses the company’s management strategy and behavior, also added value, though to a lesser extent.
Q | How did the Fund’s sector allocations affect relative performance? |
A | In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. Consequently, the Fund is similar to its benchmark, the S&P 500 Index, in terms of its sector allocation and style. Changes in its sector weights generally do not have a meaningful impact on relative performance. |
Q | Did stock selection help or hurt Fund performance during the reporting period? |
A | We seek to outpace the S&P 500 Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark. During the six-month reporting period, our stock selection was a drag on the Fund’s relative returns. |
Q | Which stock positions contributed the most to the Fund’s relative returns during the first half of the fiscal year? |
A | Stock picks in the health care, consumer staples and industrial sectors added to the Fund’s relative performance during the reporting period. The largest contributors were overweight positions in global food and agribusiness company Bunge Ltd. and telecommunications firm Sprint Nextel Corp. Having an underweight position in financial giant Citigroup, Inc. also helped. The Fund was underweight Citigroup, Inc. because of our negative views on Sentiment and Profitability. We chose to overweight Bunge Ltd. as a result of our positive views on Momentum and Valuation. The overweight in Sprint Nextel Corp. was assumed because of our positive views on Valuation and Quality. |
PORTFOLIO RESULTS
Q | Which individual positions detracted from the Fund’s results during the reporting period? |
A | Positions in the financials, consumer discretionary and energy sectors hurt the Fund’s relative performance. Detracting most were overweight positions in supplemental insurance provider Aflac, Inc., bank holding company Regions Financial Corp. and specialty retailer Aeropostale, Inc. The Fund was overweight Aflac, Inc. because of our positive views on Profitability and Momentum. We chose to overweight Regions Financial Corp. because of our positive views on Valuation and Management and to overweight Aeropostale, Inc. as a result of our positive views on Profitability and Momentum. |
Q | What was the Fund’s sector positioning relative to its benchmark index at the end of the reporting period? |
A | As of April 30, 2009, the Fund was overweight the energy, information technology, consumer discretionary, telecommunication services and consumer staples sectors relative to the S&P 500 Index. The Fund was underweight the utilities, industrials, health care, materials and financials sectors relative to its benchmark index at the end of the reporting period. |
Goldman Sachs Quantitative Investment Strategies Team
New York, May 5, 2009
FUND BASICS
Structured U.S. Equity Fund
as of April 30, 2009
PERFORMANCE REVIEW
Fund Total Return | ||||||||||
November 1, 2008-April 30, 2009 | (based on NAV)1 | S&P 500 Index2 | ||||||||
Class A | -9.94 | % | -8.53 | % | ||||||
Class B | -10.25 | -8.53 | ||||||||
Class C | -10.22 | -8.53 | ||||||||
Institutional | -9.77 | -8.53 | ||||||||
Service | -9.97 | -8.53 | ||||||||
Class IR | -9.80 | -8.53 | ||||||||
Class R | -9.98 | -8.53 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
For the period ended 3/31/09 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | -41.33 | % | -7.24 | % | -3.99 | % | 4.87 | % | 5/24/91 | |||||||||||
Class B | -41.44 | -7.26 | -4.17 | 1.63 | 5/1/96 | |||||||||||||||
Class C | -38.98 | -6.88 | -4.16 | -1.12 | 8/15/97 | |||||||||||||||
Institutional | -37.67 | -5.81 | -3.06 | 4.31 | 6/15/95 | |||||||||||||||
Service | -37.97 | -6.27 | -3.54 | 5.16 | 5/24/91 | |||||||||||||||
Class IR | -37.72 | N/A | N/A | -36.32 | 11/30/07 | |||||||||||||||
Class R | -38.04 | N/A | N/A | -36.64 | 11/30/07 | |||||||||||||||
3 | The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR and Class R shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
FUND BASICS
EXPENSE RATIOS4
Net Expense Ratio (Current) | Gross Expense Ratio (Before Waivers) | |||||||||
Class A | 0.95 | % | 1.13 | % | ||||||
Class B | 1.70 | 1.88 | ||||||||
Class C | 1.70 | 1.88 | ||||||||
Institutional | 0.55 | 0.73 | ||||||||
Service | 1.05 | 1.23 | ||||||||
Class IR | 0.70 | 0.88 | ||||||||
Class R | 1.20 | 1.38 | ||||||||
4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP TEN HOLDINGS AS OF 4/30/095
Holding | % of Net Assets | Line of Business | ||||||
Exxon Mobil Corp. | 4.7 | % | Oil, Gas & Consumable Fuels | |||||
Microsoft Corp. | 3.7 | Software | ||||||
Wal-Mart Stores, Inc. | 2.4 | Food & Staples Retailing | ||||||
Chevron Corp. | 2.2 | Oil, Gas & Consumable Fuels | ||||||
Cisco Systems, Inc. | 2.0 | Communications Equipment | ||||||
Lorillard, Inc. | 1.9 | Tobacco | ||||||
Eli Lilly & Co. | 1.8 | Pharmaceuticals | ||||||
Accenture Ltd. | 1.8 | IT Services | ||||||
Gilead Sciences, Inc. | 1.7 | Biotechnology | ||||||
Emerson Electric Co. | 1.5 | Electrical Equipment | ||||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATIONS AS OF 4/30/096
6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team in the schedule of investments may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 10.1% of the Fund’s net assets at April 30, 2009. |
GOLDMAN SACHS BALANCED FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – 60.5% | ||||||||||
Aerospace & Defense – 1.7% | ||||||||||
4,300 | General Dynamics Corp. | $ | 222,181 | |||||||
2,300 | Honeywell International, Inc. | 71,783 | ||||||||
6,700 | Lockheed Martin Corp. | 526,151 | ||||||||
3,900 | Northrop Grumman Corp. | 188,565 | ||||||||
2,000 | Raytheon Co. | 90,460 | ||||||||
6,300 | The Boeing Co. | 252,315 | ||||||||
13,962 | United Technologies Corp. | 681,904 | ||||||||
2,033,359 | ||||||||||
Air Freight & Logistics – 0.9% | ||||||||||
1,100 | C.H. Robinson Worldwide, Inc. | 58,476 | ||||||||
1,600 | Expeditors International of Washington, Inc. | 55,536 | ||||||||
18,700 | United Parcel Service, Inc. Class B | 978,758 | ||||||||
1,092,770 | ||||||||||
Airlines – 0.0% | ||||||||||
4,200 | Southwest Airlines Co. | 29,316 | ||||||||
Auto Components – 0.0% | ||||||||||
3,200 | Johnson Controls, Inc. | 60,832 | ||||||||
Automobiles* – 0.1% | ||||||||||
29,000 | Ford Motor Co. | 173,420 | ||||||||
Beverages – 2.0% | ||||||||||
22,500 | PepsiCo, Inc. | 1,119,600 | ||||||||
32,200 | The Coca-Cola Co. | 1,386,210 | ||||||||
2,505,810 | ||||||||||
Biotechnology* – 0.7% | ||||||||||
700 | Amgen, Inc.(a) | 33,929 | ||||||||
3,300 | Biogen Idec, Inc. | 159,522 | ||||||||
5,000 | Celgene Corp. | 213,600 | ||||||||
300 | Cephalon, Inc. | 19,683 | ||||||||
8,000 | Gilead Sciences, Inc. | 366,400 | ||||||||
1,800 | Vertex Pharmaceuticals, Inc. | 55,476 | ||||||||
848,610 | ||||||||||
Building Products – 0.3% | ||||||||||
43,800 | Masco Corp. | 388,068 | ||||||||
Capital Markets – 1.7% | ||||||||||
9,300 | Bank of New York Mellon Corp. | 236,964 | ||||||||
1,800 | BlackRock, Inc. | 263,736 | ||||||||
7,700 | Franklin Resources, Inc. | 465,696 | ||||||||
5,600 | Jefferies Group, Inc. | 109,592 | ||||||||
2,700 | MF Global Ltd.* | 16,470 | ||||||||
15,000 | Morgan Stanley & Co. | 354,600 | ||||||||
600 | Northern Trust Corp. | 32,616 | ||||||||
2,800 | Raymond James Financial, Inc.(b) | 43,932 | ||||||||
3,600 | State Street Corp. | 122,868 | ||||||||
5,900 | T. Rowe Price Group, Inc.(b) | 227,268 | ||||||||
12,500 | TD Ameritrade Holding Corp.* | 198,875 | ||||||||
200 | The Charles Schwab Corp. | 3,696 | ||||||||
2,076,313 | ||||||||||
Chemicals – 1.5% | ||||||||||
3,400 | Air Products & Chemicals, Inc. | 224,060 | ||||||||
5,500 | E.I. du Pont de Nemours & Co. | 153,450 | ||||||||
5,100 | Eastman Chemical Co. | 202,368 | ||||||||
26,600 | Huntsman Corp. | 142,576 | ||||||||
2,100 | Monsanto Co. | 178,269 | ||||||||
6,700 | Praxair, Inc. | 499,887 | ||||||||
2,100 | RPM International, Inc. | 29,022 | ||||||||
24,300 | The Dow Chemical Co. | 388,800 | ||||||||
1,400 | The Mosaic Co. | 56,630 | ||||||||
1,875,062 | ||||||||||
Commercial Banks – 1.5% | ||||||||||
12,200 | BB&T Corp.(b) | 284,748 | ||||||||
5,800 | Comerica, Inc. | 121,684 | ||||||||
5,603 | First Horizon National Corp. | 64,491 | ||||||||
10,400 | KeyCorp | 63,960 | ||||||||
1,800 | M&T Bank Corp. | 94,410 | ||||||||
6,000 | Marshall & Ilsley Corp. | 34,680 | ||||||||
19,900 | U.S. Bancorp | 362,578 | ||||||||
38,300 | Wells Fargo & Co. | 766,383 | ||||||||
4,600 | Zions Bancorp | 50,278 | ||||||||
1,843,212 | ||||||||||
Commercial Services & Supplies – 0.3% | ||||||||||
3,800 | Avery Dennison Corp. | 109,212 | ||||||||
1,400 | Pitney Bowes, Inc. | 34,356 | ||||||||
3,120 | R.R. Donnelley & Sons Co. | 36,348 | ||||||||
5,700 | Waste Management, Inc. | 152,019 | ||||||||
331,935 | ||||||||||
Communications Equipment – 1.6% | ||||||||||
64,207 | Cisco Systems, Inc.* | 1,240,479 | ||||||||
8,100 | Corning, Inc. | 118,422 | ||||||||
1,000 | Juniper Networks, Inc.* | 21,650 | ||||||||
12,200 | QUALCOMM, Inc. | 516,304 | ||||||||
1,896,855 | ||||||||||
Computers & Peripherals – 3.3% | ||||||||||
12,705 | Apple, Inc.*(a) | 1,598,670 | ||||||||
32,500 | Dell, Inc.* | 377,650 | ||||||||
32,000 | EMC Corp.* | 400,960 | ||||||||
13,200 | Hewlett-Packard Co. | 474,936 | ||||||||
8,300 | International Business Machines Corp. | 856,643 | ||||||||
3,500 | NetApp, Inc.* | 64,050 | ||||||||
4,000 | SanDisk Corp.* | 62,880 | ||||||||
13,100 | Sun Microsystems, Inc.* | 119,996 | ||||||||
1,200 | Western Digital Corp.* | 28,224 | ||||||||
3,984,009 | ||||||||||
Construction & Engineering – 0.1% | ||||||||||
2,900 | Fluor Corp. | 109,823 | ||||||||
Construction Materials – 0.0% | ||||||||||
600 | Vulcan Materials Co. | 28,530 | ||||||||
GOLDMAN SACHS BALANCED FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Consumer Finance – 0.3% | ||||||||||
7,900 | American Express Co. | $ | 199,238 | |||||||
8,700 | AmeriCredit Corp.* | 88,479 | ||||||||
2,700 | Capital One Financial Corp. | 45,198 | ||||||||
332,915 | ||||||||||
Containers & Packaging – 0.1% | ||||||||||
8,900 | Packaging Corp. of America | 141,243 | ||||||||
Diversified Consumer Services – 0.1% | ||||||||||
500 | Apollo Group, Inc.* | 31,475 | ||||||||
3,600 | H&R Block, Inc. | 54,504 | ||||||||
85,979 | ||||||||||
Diversified Financial Services – 2.0% | ||||||||||
96,900 | Bank of America Corp. | 865,317 | ||||||||
19,800 | Citigroup, Inc.(b) | 60,390 | ||||||||
2,800 | CME Group, Inc. | 619,780 | ||||||||
23,700 | JPMorgan Chase & Co. | 782,100 | ||||||||
3,900 | MSCI, Inc.* | 81,861 | ||||||||
2,409,448 | ||||||||||
Diversified Telecommunication Services – 2.2% | ||||||||||
24,650 | AT&T, Inc.(a) | 631,533 | ||||||||
8,600 | CenturyTel, Inc. | 233,490 | ||||||||
3,600 | Embarq Corp. | 131,616 | ||||||||
53,600 | Frontier Communications Corp.(b) | 381,096 | ||||||||
48,400 | Qwest Communications International, Inc.(b) | 188,276 | ||||||||
21,500 | Verizon Communications, Inc. | 652,310 | ||||||||
64,100 | Windstream Corp. | 532,030 | ||||||||
2,750,351 | ||||||||||
Electric Utilities – 1.2% | ||||||||||
13,400 | Duke Energy Corp. | 185,054 | ||||||||
1,800 | FirstEnergy Corp. | 73,620 | ||||||||
8,900 | FPL Group, Inc. | 478,731 | ||||||||
1,400 | Hawaiian Electric Industries, Inc. | 21,756 | ||||||||
11,900 | Pepco Holdings, Inc. | 142,205 | ||||||||
3,800 | Pinnacle West Capital Corp. | 104,044 | ||||||||
3,800 | PPL Corp. | 113,658 | ||||||||
6,100 | Progress Energy, Inc. | 208,132 | ||||||||
6,200 | Southern Co. | 179,056 | ||||||||
1,506,256 | ||||||||||
Electrical Equipment – 0.3% | ||||||||||
1,900 | Cooper Industries Ltd. | 62,301 | ||||||||
4,800 | Emerson Electric Co. | 163,392 | ||||||||
500 | First Solar, Inc.* | 93,645 | ||||||||
319,338 | ||||||||||
Electronic Equipment, Instruments & Components – 0.1% | ||||||||||
5,000 | Molex, Inc. | 83,350 | ||||||||
2,600 | Molex, Inc. Class A | 39,754 | ||||||||
123,104 | ||||||||||
Energy Equipment & Services – 1.2% | ||||||||||
400 | Diamond Offshore Drilling, Inc. | 28,964 | ||||||||
23,000 | Halliburton Co. | 465,060 | ||||||||
5,800 | National-Oilwell Varco, Inc.* | 175,624 | ||||||||
13,900 | Schlumberger Ltd. | 680,961 | ||||||||
1,500 | Smith International, Inc. | 38,775 | ||||||||
200 | Transocean Ltd.* | 13,496 | ||||||||
4,100 | Weatherford International Ltd.* | 68,183 | ||||||||
1,471,063 | ||||||||||
Food & Staples Retailing – 1.8% | ||||||||||
17,800 | CVS Caremark Corp. | 565,684 | ||||||||
2,200 | SUPERVALU, Inc. | 35,970 | ||||||||
12,000 | Sysco Corp. | 279,960 | ||||||||
20,381 | Wal-Mart Stores, Inc. | 1,027,202 | ||||||||
7,600 | Walgreen Co. | 238,868 | ||||||||
2,147,684 | ||||||||||
Food Products – 0.9% | ||||||||||
6,400 | Archer-Daniels-Midland Co. | 157,568 | ||||||||
2,200 | Campbell Soup Co. | 56,584 | ||||||||
6,300 | ConAgra Foods, Inc. | 111,510 | ||||||||
1,200 | H.J. Heinz Co. | 41,304 | ||||||||
6,500 | Kellogg Co. | 273,715 | ||||||||
10,800 | Kraft Foods, Inc. | 252,720 | ||||||||
19,700 | Sara Lee Corp. | 163,904 | ||||||||
1,900 | The Hershey Co. | 68,666 | ||||||||
1,125,971 | ||||||||||
Gas Utilities – 0.0% | ||||||||||
2,300 | ONEOK, Inc. | 60,191 | ||||||||
Health Care Equipment & Supplies – 1.0% | ||||||||||
9,600 | Baxter International, Inc. | 465,600 | ||||||||
11,500 | Boston Scientific Corp.* | 96,715 | ||||||||
3,400 | Covidien Ltd. | 112,132 | ||||||||
1,600 | Hill-Rom Holdings, Inc. | 20,768 | ||||||||
200 | Intuitive Surgical, Inc.* | 28,746 | ||||||||
9,500 | Medtronic, Inc. | 304,000 | ||||||||
1,400 | St. Jude Medical, Inc.* | 46,928 | ||||||||
1,800 | Teleflex, Inc. | 77,364 | ||||||||
600 | Zimmer Holdings, Inc.* | 26,394 | ||||||||
1,178,647 | ||||||||||
Health Care Providers & Services – 1.1% | ||||||||||
3,700 | Aetna, Inc. | 81,437 | ||||||||
3,100 | Cardinal Health, Inc. | 104,749 | ||||||||
3,300 | CIGNA Corp. | 65,043 | ||||||||
1,580 | Express Scripts, Inc.* | 101,073 | ||||||||
800 | Humana, Inc.* | 23,024 | ||||||||
5,300 | Medco Health Solutions, Inc.* | 230,815 | ||||||||
1,100 | Quest Diagnostics, Inc. | 56,463 | ||||||||
15,700 | UnitedHealth Group, Inc. | 369,264 | ||||||||
6,600 | WellPoint, Inc.* | 282,216 | ||||||||
1,314,084 | ||||||||||
GOLDMAN SACHS BALANCED FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Hotels, Restaurants & Leisure – 0.8% | ||||||||||
3,300 | Carnival Corp. | $ | 88,704 | |||||||
8,300 | International Game Technology | 102,505 | ||||||||
13,700 | McDonald’s Corp. | 730,073 | ||||||||
2,600 | Yum! Brands, Inc. | 86,710 | ||||||||
1,007,992 | ||||||||||
Household Durables – 0.2% | ||||||||||
2,500 | D.R. Horton, Inc. | 32,625 | ||||||||
900 | Fortune Brands, Inc. | 35,379 | ||||||||
4,400 | Leggett & Platt, Inc. | 63,184 | ||||||||
2,600 | Newell Rubbermaid, Inc. | 27,170 | ||||||||
2,400 | Whirlpool Corp. | 108,384 | ||||||||
266,742 | ||||||||||
Household Products – 1.4% | ||||||||||
16,700 | Kimberly-Clark Corp. | 820,638 | ||||||||
2,700 | The Clorox Co. | 151,335 | ||||||||
16,100 | The Procter & Gamble Co. | 795,984 | ||||||||
1,767,957 | ||||||||||
Industrial Conglomerates – 2.0% | ||||||||||
9,900 | 3M Co. | 570,240 | ||||||||
111,000 | General Electric Co. | 1,404,150 | ||||||||
17,100 | Textron, Inc. | 183,483 | ||||||||
11,700 | Tyco International Ltd. | 277,992 | ||||||||
2,435,865 | ||||||||||
Insurance – 1.3% | ||||||||||
4,700 | Aflac, Inc. | 135,783 | ||||||||
1,300 | Aon Corp. | 54,860 | ||||||||
200 | Assurant, Inc. | 4,888 | ||||||||
100 | Berkshire Hathaway, Inc. Class B* | 306,500 | ||||||||
200 | Cincinnati Financial Corp. | 4,790 | ||||||||
200 | Fidelity National Financial, Inc. | 3,626 | ||||||||
2,500 | Lincoln National Corp. | 28,100 | ||||||||
3,900 | Loews Corp. | 97,071 | ||||||||
600 | Marsh & McLennan Cos., Inc. | 12,654 | ||||||||
8,800 | MetLife, Inc. | 261,800 | ||||||||
2,700 | Principal Financial Group, Inc. | 44,118 | ||||||||
4,800 | Prudential Financial, Inc. | 138,624 | ||||||||
6,000 | The Allstate Corp. | 139,980 | ||||||||
2,900 | The Chubb Corp. | 112,955 | ||||||||
3,700 | The Hartford Financial Services Group, Inc. | 42,439 | ||||||||
5,000 | The Progressive Corp.* | 76,400 | ||||||||
2,200 | The Travelers Cos., Inc. | 90,508 | ||||||||
1,800 | Unum Group | 29,412 | ||||||||
3,800 | XL Capital Ltd. | 36,138 | ||||||||
1,620,646 | ||||||||||
Internet & Catalog Retail* – 0.2% | ||||||||||
2,900 | Amazon.com, Inc. | 233,508 | ||||||||
Internet Software & Services* – 1.3% | ||||||||||
3,300 | Google, Inc.(a) | 1,306,701 | ||||||||
15,700 | Yahoo!, Inc. | 224,353 | ||||||||
1,531,054 | ||||||||||
IT Services – 0.7% | ||||||||||
12,600 | Automatic Data Processing, Inc. | 443,520 | ||||||||
1,100 | MasterCard, Inc. | 201,795 | ||||||||
1,970 | Paychex, Inc. | 53,210 | ||||||||
2,300 | Visa, Inc.(b) | 149,408 | ||||||||
847,933 | ||||||||||
Leisure Equipment & Products – 0.1% | ||||||||||
48,400 | Eastman Kodak Co. | 147,620 | ||||||||
Life Sciences Tools & Services* – 0.1% | ||||||||||
600 | Life Technologies Corp. | 22,380 | ||||||||
1,800 | Thermo Fisher Scientific, Inc. | 63,144 | ||||||||
85,524 | ||||||||||
Machinery – 1.1% | ||||||||||
11,100 | Caterpillar, Inc. | 394,938 | ||||||||
10,200 | Deere & Co. | 420,852 | ||||||||
700 | Dover Corp. | 21,546 | ||||||||
9,800 | Illinois Tool Works, Inc. | 321,440 | ||||||||
3,400 | PACCAR, Inc. | 120,496 | ||||||||
1,300 | Parker Hannifin Corp. | 58,955 | ||||||||
1,338,227 | ||||||||||
Media – 1.5% | ||||||||||
37,400 | Comcast Corp. | 578,204 | ||||||||
14,700 | Comcast Corp. Special Class A | 215,796 | ||||||||
2,100 | Gannett Co., Inc. | 8,211 | ||||||||
28,200 | News Corp. | 232,932 | ||||||||
15,900 | News Corp. Class B(b) | 145,008 | ||||||||
1,400 | Regal Entertainment Group | 18,284 | ||||||||
600 | Scripps Networks Interactive | 16,464 | ||||||||
6,100 | The DIRECTV Group, Inc.*(b) | 150,853 | ||||||||
3,100 | The McGraw-Hill Cos., Inc. | 93,465 | ||||||||
2,526 | Time Warner Cable, Inc. | 81,413 | ||||||||
11,466 | Time Warner, Inc. | 250,303 | ||||||||
1,790,933 | ||||||||||
Metals & Mining – 0.7% | ||||||||||
5,600 | Freeport-McMoRan Copper & Gold, Inc. | 238,840 | ||||||||
4,900 | Newmont Mining Corp. | 197,176 | ||||||||
6,100 | Nucor Corp. | 248,209 | ||||||||
6,500 | Southern Copper Corp. | 120,705 | ||||||||
804,930 | ||||||||||
Multi-Utilities – 1.2% | ||||||||||
700 | Ameren Corp. | 16,114 | ||||||||
5,200 | CenterPoint Energy, Inc. | 55,328 | ||||||||
500 | Consolidated Edison, Inc. | 18,565 | ||||||||
15,300 | Dominion Resources, Inc. | 461,448 | ||||||||
3,200 | DTE Energy Co. | 94,624 | ||||||||
4,200 | Integrys Energy Group, Inc. | 110,922 | ||||||||
8,500 | NiSource, Inc. | 93,415 | ||||||||
12,200 | Public Service Enterprise Group, Inc. | 364,048 | ||||||||
1,000 | Sempra Energy | 46,020 | ||||||||
GOLDMAN SACHS BALANCED FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Multi-Utilities – (continued) | ||||||||||
3,600 | TECO Energy, Inc. | $ | 38,124 | |||||||
6,100 | Xcel Energy, Inc. | 112,484 | ||||||||
1,411,092 | ||||||||||
Multiline Retail – 0.5% | ||||||||||
2,700 | Kohl’s Corp.* | 122,445 | ||||||||
1,400 | Nordstrom, Inc. | 31,682 | ||||||||
9,900 | Target Corp. | 408,474 | ||||||||
562,601 | ||||||||||
Office Electronics – 0.1% | ||||||||||
16,000 | Xerox Corp. | 97,760 | ||||||||
Oil, Gas & Consumable Fuels – 6.5% | ||||||||||
8,500 | Anadarko Petroleum Corp. | 366,010 | ||||||||
900 | Apache Corp. | 65,574 | ||||||||
1,900 | Arch Coal, Inc. | 26,543 | ||||||||
9,500 | Chesapeake Energy Corp. | 187,245 | ||||||||
30,114 | Chevron Corp. | 1,990,536 | ||||||||
20,100 | ConocoPhillips | 824,100 | ||||||||
1,800 | CONSOL Energy, Inc. | 56,304 | ||||||||
3,000 | Devon Energy Corp. | 155,550 | ||||||||
16,700 | El Paso Corp. | 115,230 | ||||||||
400 | EOG Resources, Inc. | 25,392 | ||||||||
21,502 | Exxon Mobil Corp. | 1,433,538 | ||||||||
4,700 | Hess Corp. | 257,513 | ||||||||
9,500 | Marathon Oil Corp. | 282,150 | ||||||||
1,700 | Massey Energy Co. | 27,047 | ||||||||
1,200 | Murphy Oil Corp. | 57,252 | ||||||||
1,400 | Noble Energy, Inc. | 79,450 | ||||||||
17,200 | Occidental Petroleum Corp. | 968,188 | ||||||||
2,100 | Peabody Energy Corp. | 55,419 | ||||||||
2,700 | Southwestern Energy Co.* | 96,822 | ||||||||
30,200 | Spectra Energy Corp. | 437,900 | ||||||||
2,300 | Sunoco, Inc. | 60,973 | ||||||||
900 | Tesoro Corp. | 13,725 | ||||||||
7,300 | The Williams Cos., Inc. | 102,930 | ||||||||
6,600 | Valero Energy Corp. | 130,944 | ||||||||
2,400 | XTO Energy, Inc. | 83,184 | ||||||||
7,899,519 | ||||||||||
Paper & Forest Products – 0.0% | ||||||||||
1,400 | MeadWestvaco Corp. | 21,924 | ||||||||
Personal Products – 0.1% | ||||||||||
3,200 | Avon Products, Inc. | 72,832 | ||||||||
Pharmaceuticals – 5.1% | ||||||||||
27,040 | Abbott Laboratories | 1,131,624 | ||||||||
1,300 | Allergan, Inc. | 60,658 | ||||||||
13,400 | Eli Lilly & Co. | 441,128 | ||||||||
23,600 | Johnson & Johnson | 1,235,696 | ||||||||
44,700 | Merck & Co., Inc. | 1,083,528 | ||||||||
92,400 | Pfizer, Inc. | 1,234,464 | ||||||||
18,000 | Schering-Plough Corp. | 414,360 | ||||||||
16,000 | Wyeth | 678,400 | ||||||||
6,279,858 | ||||||||||
Professional Services – 0.1% | ||||||||||
7,100 | The Corporate Executive Board Co. | 122,688 | ||||||||
Real Estate Investment Trusts – 0.6% | ||||||||||
2,400 | AMB Property Corp. | 45,816 | ||||||||
300 | AvalonBay Communities, Inc. | 17,043 | ||||||||
1,300 | Boston Properties, Inc. | 64,246 | ||||||||
3,500 | Equity Residential | 80,115 | ||||||||
2,000 | HCP, Inc. | 43,900 | ||||||||
4,100 | ProLogis | 37,351 | ||||||||
2,800 | Public Storage | 187,208 | ||||||||
2,617 | Simon Property Group, Inc. | 135,037 | ||||||||
700 | Ventas, Inc. | 20,048 | ||||||||
1,028 | Vornado Realty Trust | 50,259 | ||||||||
681,023 | ||||||||||
Real Estate Management & Development – 0.0% | ||||||||||
4,600 | Forest City Enterprises, Inc. | 38,778 | ||||||||
Road & Rail – 0.2% | ||||||||||
100 | Burlington Northern Santa Fe Corp. | 6,748 | ||||||||
2,000 | CSX Corp. | 59,180 | ||||||||
2,500 | Norfolk Southern Corp. | 89,200 | ||||||||
100 | Ryder System, Inc. | 2,769 | ||||||||
2,700 | Union Pacific Corp. | 132,678 | ||||||||
290,575 | ||||||||||
Semiconductors & Semiconductor Equipment – 1.5% | ||||||||||
5,500 | Analog Devices, Inc. | 117,040 | ||||||||
90,700 | Intel Corp. | 1,431,246 | ||||||||
1,300 | KLA-Tencor Corp. | 36,062 | ||||||||
2,300 | MEMC Electronic Materials, Inc.* | 37,260 | ||||||||
4,100 | Microchip Technology, Inc. | 94,300 | ||||||||
12,000 | Micron Technology, Inc.* | 58,560 | ||||||||
1,774,468 | ||||||||||
Software – 2.6% | ||||||||||
4,000 | Adobe Systems, Inc.* | 109,400 | ||||||||
800 | Citrix Systems, Inc.* | 22,824 | ||||||||
3,100 | Electronic Arts, Inc.* | 63,085 | ||||||||
62,540 | Microsoft Corp. | 1,267,060 | ||||||||
77,200 | Oracle Corp. | 1,493,048 | ||||||||
700 | Salesforce.com, Inc.* | 29,967 | ||||||||
7,900 | Symantec Corp.* | 136,275 | ||||||||
500 | VMware, Inc.* | 13,040 | ||||||||
3,134,699 | ||||||||||
Specialty Retail – 1.5% | ||||||||||
3,300 | American Eagle Outfitters, Inc. | 48,906 | ||||||||
4,500 | Best Buy Co., Inc. | 172,710 | ||||||||
11,100 | Limited Brands, Inc. | 126,762 | ||||||||
25,500 | Staples, Inc. | 525,810 | ||||||||
34,700 | The Home Depot, Inc. | 913,304 | ||||||||
2,200 | The TJX Cos., Inc. | 61,534 | ||||||||
1,849,026 | ||||||||||
GOLDMAN SACHS BALANCED FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Textiles, Apparel & Luxury Goods – 0.3% | ||||||||||
6,000 | NIKE, Inc. Class B | $ | 314,820 | |||||||
600 | VF Corp. | 35,562 | ||||||||
350,382 | ||||||||||
Thrifts & Mortgage Finance – 0.0% | ||||||||||
3,700 | Hudson City Bancorp, Inc. | 46,472 | ||||||||
Tobacco – 0.6% | ||||||||||
27,200 | Altria Group, Inc. | 444,176 | ||||||||
900 | Lorillard, Inc. | 56,817 | ||||||||
6,900 | Reynolds American, Inc. | 262,062 | ||||||||
763,055 | ||||||||||
Trading Companies & Distributors – 0.0% | ||||||||||
600 | GATX Corp. | 18,066 | ||||||||
Wireless Telecommunication Services* – 0.2% | ||||||||||
2,900 | American Tower Corp. | 92,104 | ||||||||
32,500 | Sprint Nextel Corp.(b) | 141,700 | ||||||||
233,804 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $66,252,683) | $ | 73,771,751 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Corporate Bonds – 9.3% | ||||||||||||||||
Aerospace/Defense(c) – 0.1% | ||||||||||||||||
Alliant Techsystems, Inc. | ||||||||||||||||
$ | 62,000 | 6.750 | % | 04/01/16 | $ | 60,450 | ||||||||||
Banks – 1.3% | ||||||||||||||||
ANZ Capital Trust I(c)(d) | ||||||||||||||||
175,000 | 4.484 | 01/29/49 | 158,891 | |||||||||||||
Astoria Financial Corp.(c) | ||||||||||||||||
150,000 | 5.750 | 10/15/12 | 125,987 | |||||||||||||
Citigroup, Inc. | ||||||||||||||||
100,000 | 5.300 | 10/17/12 | 88,305 | |||||||||||||
200,000 | 5.850 | 07/02/13 | 172,279 | |||||||||||||
GreenPoint Bank | ||||||||||||||||
125,000 | 9.250 | 10/01/10 | 120,236 | |||||||||||||
HSBC Bank USA NA | ||||||||||||||||
100,000 | 6.000 | 08/09/17 | 94,256 | |||||||||||||
JPMorgan Chase & Co. | ||||||||||||||||
50,000 | 6.000 | 01/15/18 | 48,612 | |||||||||||||
125,000 | 6.300 | 04/23/19 | 123,005 | |||||||||||||
Resona Bank Ltd.(c)(d)(e) | ||||||||||||||||
EUR 175,000 | 4.125 | 09/27/49 | 108,853 | |||||||||||||
$ | 175,000 | 5.850 | 09/29/49 | 99,750 | ||||||||||||
Royal Bank of Scotland Group PLC(c) | ||||||||||||||||
125,000 | 9.118 | 03/31/49 | 91,875 | |||||||||||||
Wachovia Corp. | ||||||||||||||||
50,000 | 5.500 | 05/01/13 | 48,583 | |||||||||||||
225,000 | 5.750 | 02/01/18 | 205,882 | |||||||||||||
Wells Fargo Capital XIII(c)(e) | ||||||||||||||||
150,000 | 7.700 | 12/29/49 | 96,000 | |||||||||||||
1,582,514 | ||||||||||||||||
Brokerage – 0.8% | ||||||||||||||||
Bear Stearns & Co., Inc. | ||||||||||||||||
375,000 | 7.250 | 02/01/18 | 384,328 | |||||||||||||
Merrill Lynch & Co., Inc. | ||||||||||||||||
100,000 | 6.400 | 08/28/17 | 80,718 | |||||||||||||
275,000 | 6.875 | 04/25/18 | 230,811 | |||||||||||||
Morgan Stanley & Co.(c) | ||||||||||||||||
300,000 | 6.625 | 04/01/18 | 286,609 | |||||||||||||
982,466 | ||||||||||||||||
Consumer Products(c) – 0.0% | ||||||||||||||||
Whirlpool Corp. | ||||||||||||||||
25,000 | 8.000 | 05/01/12 | 25,435 | |||||||||||||
25,000 | 8.600 | 05/01/14 | 25,616 | |||||||||||||
51,051 | ||||||||||||||||
Distributors(c)(d) – 0.1% | ||||||||||||||||
Florida Gas Transmission Co. LLC | ||||||||||||||||
125,000 | 7.900 | 05/15/19 | 124,775 | |||||||||||||
Electric(c) – 0.8% | ||||||||||||||||
Arizona Public Service Co. | ||||||||||||||||
100,000 | 5.800 | 06/30/14 | 90,880 | |||||||||||||
75,000 | 6.250 | 08/01/16 | 63,745 | |||||||||||||
CenterPoint Energy, Inc. Series B | ||||||||||||||||
25,000 | 7.250 | 09/01/10 | 25,349 | |||||||||||||
Commonwealth Edison Co. | ||||||||||||||||
175,000 | 5.400 | 12/15/11 | 177,222 | |||||||||||||
MidAmerican Energy Holdings Co. | ||||||||||||||||
25,000 | 5.950 | 05/15/37 | 21,124 | |||||||||||||
Nevada Power Co. Series L | ||||||||||||||||
100,000 | 5.875 | 01/15/15 | 96,481 | |||||||||||||
NiSource Finance Corp. | ||||||||||||||||
50,000 | 10.750 | 03/15/16 | 53,505 | |||||||||||||
Pacific Gas & Electric Co. | ||||||||||||||||
100,000 | 6.250 | 03/01/39 | 102,708 | |||||||||||||
Progress Energy, Inc. | ||||||||||||||||
100,000 | 5.625 | 01/15/16 | 96,210 | |||||||||||||
75,000 | 7.000 | 10/30/31 | 72,918 | |||||||||||||
The AES Corp. | ||||||||||||||||
125,000 | 9.500 | 06/01/09 | 125,000 | |||||||||||||
925,142 | ||||||||||||||||
Energy(c) – 0.7% | ||||||||||||||||
Canadian Natural Resources Ltd. | ||||||||||||||||
100,000 | 5.700 | 05/15/17 | 91,961 | |||||||||||||
50,000 | 6.500 | 02/15/37 | 41,201 | |||||||||||||
EnCana Corp. | ||||||||||||||||
150,000 | 6.500 | 02/01/38 | 139,666 | |||||||||||||
Petroleos Mexicanos(d) | ||||||||||||||||
200,000 | 8.000 | 05/03/19 | 209,260 | |||||||||||||
StatoilHydro ASA | ||||||||||||||||
75,000 | 5.250 | 04/15/19 | 76,724 | |||||||||||||
GOLDMAN SACHS BALANCED FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Corporate Bonds – (continued) | ||||||||||||||||
Energy(c) – (continued) | ||||||||||||||||
Transocean, Inc. | ||||||||||||||||
$ | 125,000 | 6.800 | % | 03/15/38 | $ | 119,667 | ||||||||||
Valero Energy Corp. | ||||||||||||||||
175,000 | 6.625 | 06/15/37 | 138,558 | |||||||||||||
817,037 | ||||||||||||||||
Entertainment – 0.0% | ||||||||||||||||
Time Warner Entertainment Co. | ||||||||||||||||
25,000 | 8.375 | 03/15/23 | 26,201 | |||||||||||||
Financial – 0.3% | ||||||||||||||||
International Lease Finance Corp. | ||||||||||||||||
100,000 | 4.950 | 02/01/11 | 76,500 | |||||||||||||
LeasePlan Corp. NV(d) | ||||||||||||||||
300,000 | 3.000 | 05/07/12 | 300,114 | |||||||||||||
376,614 | ||||||||||||||||
Food & Beverage(c) – 0.3% | ||||||||||||||||
Anheuser-Busch InBev Worldwide, Inc.(d) | ||||||||||||||||
200,000 | 7.750 | 01/15/19 | 209,394 | |||||||||||||
General Mills, Inc. | ||||||||||||||||
100,000 | 5.650 | 02/15/19 | 102,096 | |||||||||||||
311,490 | ||||||||||||||||
Life Insurance(c) – 0.1% | ||||||||||||||||
Americo Life, Inc.(d) | ||||||||||||||||
50,000 | 7.875 | 05/01/13 | 32,694 | |||||||||||||
Phoenix Life Insurance Co.(d) | ||||||||||||||||
125,000 | 7.150 | 12/15/34 | 22,500 | |||||||||||||
Reinsurance Group of America, Inc.(e) | ||||||||||||||||
75,000 | 6.750 | 12/15/65 | 36,711 | |||||||||||||
91,905 | ||||||||||||||||
Media – Cable – 0.7% | ||||||||||||||||
Comcast Cable Communications Holdings, Inc. | ||||||||||||||||
125,000 | 10.625 | 07/15/12 | 140,820 | |||||||||||||
125,000 | 9.455 | 11/15/22 | 145,263 | |||||||||||||
Cox Communications, Inc.(c)(d) | ||||||||||||||||
275,000 | 6.250 | 06/01/18 | 253,157 | |||||||||||||
Rogers Communications, Inc.(c) | ||||||||||||||||
50,000 | 6.800 | 08/15/18 | 52,395 | |||||||||||||
Time Warner Cable, Inc.(c) | ||||||||||||||||
225,000 | 5.400 | 07/02/12 | 228,298 | |||||||||||||
819,933 | ||||||||||||||||
Media-Non Cable(c) – 0.3% | ||||||||||||||||
EchoStar DBS Corp. | ||||||||||||||||
125,000 | 7.125 | 02/01/16 | 116,563 | |||||||||||||
Reed Elsevier Capital, Inc. | ||||||||||||||||
125,000 | 8.625 | 01/15/19 | 130,862 | |||||||||||||
Thomson Reuters Corp. | ||||||||||||||||
150,000 | 6.500 | 07/15/18 | 143,744 | |||||||||||||
391,169 | ||||||||||||||||
Metals & Mining(c) – 0.2% | ||||||||||||||||
ArcelorMittal | ||||||||||||||||
225,000 | 6.125 | 06/01/18 | 181,318 | |||||||||||||
GrafTech Finance, Inc. | ||||||||||||||||
13,000 | 10.250 | 02/15/12 | 11,765 | |||||||||||||
Xstrata Canada Corp. | ||||||||||||||||
75,000 | 7.250 | 07/15/12 | 68,250 | |||||||||||||
261,333 | ||||||||||||||||
Noncaptive-Financial – 0.2% | ||||||||||||||||
SLM Corp. | ||||||||||||||||
200,000 | 5.450 | 04/25/11 | 164,049 | |||||||||||||
UBS Luxembourg SA for OJSC Vimpel Communications | ||||||||||||||||
100,000 | 8.250 | 05/23/16 | 70,500 | |||||||||||||
234,549 | ||||||||||||||||
Packaging(c)(e) – 0.1% | ||||||||||||||||
Impress Holdings BV | ||||||||||||||||
EUR 125,000 | 4.560 | 09/15/13 | 138,925 | |||||||||||||
Pharmaceuticals(c) – 0.4% | ||||||||||||||||
Pfizer, Inc. | ||||||||||||||||
$ | 250,000 | 6.200 | 03/15/19 | 268,685 | ||||||||||||
Roche Holdings, Inc.(d) | ||||||||||||||||
250,000 | 6.000 | 03/01/19 | 259,939 | |||||||||||||
528,624 | ||||||||||||||||
Pipelines – 0.6% | ||||||||||||||||
Boardwalk Pipelines LP(c) | ||||||||||||||||
175,000 | 5.875 | 11/15/16 | 150,929 | |||||||||||||
El Paso Natural Gas Co. | ||||||||||||||||
75,000 | 7.500 | 11/15/26 | 67,393 | |||||||||||||
Energy Transfer Partners LP(c) | ||||||||||||||||
250,000 | 5.950 | 02/01/15 | 235,772 | |||||||||||||
50,000 | 9.000 | 04/15/19 | 54,561 | |||||||||||||
Enterprise Products Operating LP(c)(e) | ||||||||||||||||
100,000 | 8.375 | 08/01/66 | 68,845 | |||||||||||||
100,000 | 7.034 | 01/15/68 | 61,535 | |||||||||||||
Tennessee Gas Pipeline Co.(c) | ||||||||||||||||
50,000 | 7.000 | 10/15/28 | 43,337 | |||||||||||||
TransCanada PipeLines Ltd.(c) | ||||||||||||||||
100,000 | 7.625 | 01/15/39 | 109,469 | |||||||||||||
791,841 | ||||||||||||||||
Property/Casualty Insurance – 0.4% | ||||||||||||||||
Arch Capital Group Ltd.(c) | ||||||||||||||||
100,000 | 7.350 | 05/01/34 | 61,935 | |||||||||||||
Aspen Insurance Holdings Ltd.(c) | ||||||||||||||||
100,000 | 6.000 | 08/15/14 | 81,019 | |||||||||||||
Catlin Insurance Co. Ltd.(c)(d)(e) | ||||||||||||||||
75,000 | 7.249 | 12/31/49 | 27,750 | |||||||||||||
CNA Financial Corp. | ||||||||||||||||
30,000 | 6.950 | 01/15/18 | 22,473 | |||||||||||||
50,000 | 7.250 | 11/15/23 | 29,629 | |||||||||||||
Endurance Specialty Holdings Ltd.(c) | ||||||||||||||||
100,000 | 6.150 | 10/15/15 | 76,842 | |||||||||||||
QBE Insurance Group Ltd.(c)(d)(e) | ||||||||||||||||
225,000 | 5.647 | 07/01/23 | 127,974 | |||||||||||||
Swiss Re Capital I LP(c)(d)(e) | ||||||||||||||||
125,000 | 6.854 | 05/29/49 | 49,375 | |||||||||||||
GOLDMAN SACHS BALANCED FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Corporate Bonds – (continued) | ||||||||||||||||
Property/Casualty Insurance – (continued) | ||||||||||||||||
The Chubb Corp.(c)(e) | ||||||||||||||||
$ | 100,000 | 6.375 | % | 03/29/67 | $ | 60,465 | ||||||||||
537,462 | ||||||||||||||||
Real Estate Investment Trusts(c) – 0.4% | ||||||||||||||||
Arden Realty LP | ||||||||||||||||
75,000 | 9.150 | 03/01/10 | 76,983 | |||||||||||||
Reckson Operating Partnership LP | ||||||||||||||||
92,000 | 5.150 | 01/15/11 | 78,251 | |||||||||||||
Simon Property Group LP | ||||||||||||||||
125,000 | 6.125 | 05/30/18 | 103,845 | |||||||||||||
Westfield Capital Corp.(d) | ||||||||||||||||
125,000 | 5.125 | 11/15/14 | 108,129 | |||||||||||||
Westfield Group(d) | ||||||||||||||||
150,000 | 5.400 | 10/01/12 | 138,012 | |||||||||||||
505,220 | ||||||||||||||||
Tobacco – 0.5% | ||||||||||||||||
Altria Group, Inc. | ||||||||||||||||
150,000 | 9.700 | 11/10/18 | 175,281 | |||||||||||||
BAT International Finance PLC(c)(d) | ||||||||||||||||
125,000 | 9.500 | 11/15/18 | 142,037 | |||||||||||||
Philip Morris International, Inc. | ||||||||||||||||
250,000 | 5.650 | 05/16/18 | 252,991 | |||||||||||||
570,309 | ||||||||||||||||
Wireless Telecommunications(c) – 0.3% | ||||||||||||||||
AT&T, Inc. | ||||||||||||||||
325,000 | 6.400 | 05/15/38 | 304,650 | |||||||||||||
Verizon Wireless Capital LLC(d) | ||||||||||||||||
100,000 | 8.500 | 11/15/18 | 119,760 | |||||||||||||
424,410 | ||||||||||||||||
Wirelines Telecommunications – 0.7% | ||||||||||||||||
Ameritech Capital Funding | ||||||||||||||||
50,000 | 6.250 | 05/18/09 | 50,059 | |||||||||||||
Deutsche Telekom International Finance BV | ||||||||||||||||
125,000 | 8.750 | 06/15/30 | 145,093 | |||||||||||||
Qwest Corp.(c) | ||||||||||||||||
50,000 | 8.875 | 03/15/12 | 50,500 | |||||||||||||
Telecom Italia Capital(c) | ||||||||||||||||
225,000 | 4.950 | 09/30/14 | 193,500 | |||||||||||||
150,000 | 7.721 | 06/04/38 | 130,972 | |||||||||||||
Verizon Communications, Inc.(c) | ||||||||||||||||
125,000 | 6.400 | 02/15/38 | 117,205 | |||||||||||||
Windstream Corp.(c) | ||||||||||||||||
125,000 | 8.625 | 08/01/16 | 124,687 | |||||||||||||
812,016 | ||||||||||||||||
TOTAL CORPORATE BONDS | ||||||||||||||||
(Cost $12,565,309) | $ | 11,365,436 | ||||||||||||||
Mortgage-Backed Obligations – 23.2% | ||||||||||||||||
Collateralized Mortgage Obligations – 8.2% | ||||||||||||||||
Adjustable Rate Non-Agency(e) – 5.0% | ||||||||||||||||
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1 | ||||||||||||||||
$ | 23,226 | 4.667 | % | 04/25/34 | $ | 16,976 | ||||||||||
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1 | ||||||||||||||||
53,555 | 5.070 | 06/25/35 | 33,274 | |||||||||||||
Bear Stearns Alternative-A Trust II Series 2007-1, Class 1A1 | ||||||||||||||||
836,565 | 6.118 | 09/25/47 | 411,632 | |||||||||||||
Chase Mortgage Finance Corp. Series 2007-A1, Class 2A1 | ||||||||||||||||
674,090 | 4.138 | 02/25/37 | 573,643 | |||||||||||||
Countrywide Alternative Loan Trust Series 2005-31, Class 2A1 | ||||||||||||||||
288,714 | 0.738 | 08/25/35 | 109,865 | |||||||||||||
Countrywide Alternative Loan Trust Series 2005-38, Class A3 | ||||||||||||||||
329,321 | 0.788 | 09/25/35 | 130,702 | |||||||||||||
Countrywide Home Loan Trust Series 2004-HYB6, Class A2 | ||||||||||||||||
28,335 | 4.533 | 11/20/34 | 15,946 | |||||||||||||
Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1 | ||||||||||||||||
50,839 | 4.893 | 08/20/35 | 29,304 | |||||||||||||
Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1 | ||||||||||||||||
618,391 | 5.357 | 09/25/35 | 346,990 | |||||||||||||
JPMorgan Alternative Loan Trust Series 2005-A2, Class 1A1 | ||||||||||||||||
426,353 | 0.698 | 01/25/36 | 211,913 | |||||||||||||
JPMorgan Mortgage Trust Series 2007-A1, Class 2A2 | ||||||||||||||||
686,056 | 4.737 | 07/25/35 | 547,019 | |||||||||||||
Lehman XS Trust Series 2005-7N, Class 1A1A | ||||||||||||||||
230,570 | 0.708 | 12/25/35 | 96,365 | |||||||||||||
Lehman XS Trust Series 2007-16N, Class 2A2 | ||||||||||||||||
934,431 | 1.288 | 09/25/47 | 323,713 | |||||||||||||
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1 | ||||||||||||||||
7,264 | 0.818 | 11/25/34 | 5,066 | |||||||||||||
Residential Accredit Loans, Inc. Series 2005-Q05, Class A1 | ||||||||||||||||
527,253 | 2.514 | 01/25/46 | 215,216 | |||||||||||||
Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1 | ||||||||||||||||
31,061 | 4.447 | 05/25/34 | 19,911 | |||||||||||||
Structured Adjustable Rate Mortgage Loan Trust Series 2004-06, Class 3A2 | ||||||||||||||||
336,238 | 4.652 | 06/25/34 | 252,366 | |||||||||||||
Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1 | ||||||||||||||||
36,500 | 5.450 | 11/25/34 | 26,462 | |||||||||||||
Structured Asset Securities Corp. Series 2003-34A, Class 3A3 | ||||||||||||||||
105,127 | 4.203 | 11/25/33 | 86,540 | |||||||||||||
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR03, Class A2 | ||||||||||||||||
43,643 | 3.706 | 06/25/34 | 37,778 | |||||||||||||
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR08, Class 2A1A | ||||||||||||||||
369,985 | 0.728 | 07/25/45 | 151,511 | |||||||||||||
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR11, Class A1A | ||||||||||||||||
569,799 | 0.758 | 08/25/45 | 232,772 | |||||||||||||
GOLDMAN SACHS BALANCED FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Mortgage-Backed Obligations – (continued) | ||||||||||||||||
Adjustable Rate Non-Agency(e) – (continued) | ||||||||||||||||
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR19, Class A1A1 | ||||||||||||||||
$ | 321,731 | 0.708 | % | 12/25/45 | $ | 129,711 | ||||||||||
Wells Fargo Alternative Loan Trust Series 2007-PA6, Class A1 | ||||||||||||||||
805,338 | 6.594 | 12/28/37 | 410,843 | |||||||||||||
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR06, Class A1 | ||||||||||||||||
628,773 | 5.032 | 04/25/35 | 558,932 | |||||||||||||
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1 | ||||||||||||||||
264,257 | 4.357 | 10/25/35 | 216,139 | |||||||||||||
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 6A3 | ||||||||||||||||
677,679 | 5.001 | 10/25/35 | 546,817 | |||||||||||||
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3 | ||||||||||||||||
606,077 | 5.592 | 07/25/36 | 375,533 | |||||||||||||
6,112,939 | ||||||||||||||||
Interest Only(f) – 0.1% | ||||||||||||||||
ABN AMRO Mortgage Corp. Series 2003-8, Class A2 | ||||||||||||||||
151,698 | 5.500 | 06/25/33 | 12,969 | |||||||||||||
Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2(d)(e) | ||||||||||||||||
1,932,888 | 1.321 | 03/13/40 | 41,020 | |||||||||||||
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2 | ||||||||||||||||
2,180 | 5.500 | 06/25/33 | 188 | |||||||||||||
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2 | ||||||||||||||||
234,294 | 5.250 | 07/25/33 | 18,933 | |||||||||||||
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X(e)(g) | ||||||||||||||||
71,355 | 0.000 | 07/25/33 | — | |||||||||||||
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(e)(g) | ||||||||||||||||
100,397 | 0.000 | 08/25/33 | — | |||||||||||||
CS First Boston Mortgage Securities Corp. Series 2003-C3, Class ASP(d)(e) | ||||||||||||||||
1,257,346 | 1.879 | 05/15/38 | 19,318 | |||||||||||||
FHLMC REMIC Series 2575, Class IB | ||||||||||||||||
97,952 | 5.500 | 08/15/30 | 1,771 | |||||||||||||
FNMA REMIC Series 2004-47, Class EI(e)(g) | ||||||||||||||||
223,873 | 0.000 | 06/25/34 | 2,946 | |||||||||||||
FNMA REMIC Series 2004-62, Class DI(e)(g) | ||||||||||||||||
129,784 | 0.000 | 07/25/33 | 1,459 | |||||||||||||
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(e) | ||||||||||||||||
75,071 | 0.120 | 08/25/33 | 107 | |||||||||||||
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(e) | ||||||||||||||||
31,907 | 0.320 | 07/25/33 | 118 | |||||||||||||
Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2(d)(e) | ||||||||||||||||
2,225,511 | 1.590 | 02/11/36 | 55,275 | |||||||||||||
154,104 | ||||||||||||||||
Inverse Floaters(e) – 0.3% | ||||||||||||||||
FNMA REMIC Series 1993-248, Class SA | ||||||||||||||||
111,731 | 6.669 | 08/25/23 | 108,383 | |||||||||||||
GNMA Series 2001-48, Class SA | ||||||||||||||||
21,446 | 25.021 | 10/16/31 | 29,225 | |||||||||||||
GNMA Series 2001-51, Class SA | ||||||||||||||||
33,694 | 30.545 | 10/16/31 | 44,610 | |||||||||||||
GNMA Series 2001-51, Class SB | ||||||||||||||||
42,282 | 25.021 | 10/16/31 | 54,114 | |||||||||||||
GNMA Series 2001-59, Class SA | ||||||||||||||||
32,429 | 24.858 | 11/16/24 | 42,615 | |||||||||||||
GNMA Series 2002-13, Class SB | ||||||||||||||||
13,824 | 35.455 | 02/16/32 | 20,918 | |||||||||||||
299,865 | ||||||||||||||||
Regular Floater(e)(g) – 0.1% | ||||||||||||||||
FHLMC REMIC Series 3038, Class XA | ||||||||||||||||
63,278 | 0.000 | 09/15/35 | 59,065 | |||||||||||||
FHLMC REMIC Series 3325, Class SX | ||||||||||||||||
75,139 | 0.000 | 06/15/37 | 72,724 | |||||||||||||
131,789 | ||||||||||||||||
Sequential Fixed Rate – 2.7% | ||||||||||||||||
Countrywide Alternative Loan Trust Series 2005-1CB, Class 2A1 | ||||||||||||||||
561,380 | 6.000 | 03/25/35 | 326,784 | |||||||||||||
Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A7 | ||||||||||||||||
488,280 | 6.000 | 08/25/37 | 263,154 | |||||||||||||
GE Capital Commercial Mortgage Corp. Series 2005-C4, Class A4 | ||||||||||||||||
1,000,000 | 5.512 | 11/10/45 | 864,828 | |||||||||||||
GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2 | ||||||||||||||||
1,000,000 | 6.278 | 11/15/39 | 997,559 | |||||||||||||
LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4 | ||||||||||||||||
1,000,000 | 5.197 | 11/15/30 | 872,041 | |||||||||||||
3,324,366 | ||||||||||||||||
TOTAL COLLATERALIZED | ||||||||||||||||
MORTGAGE OBLIGATIONS | 10,023,063 | |||||||||||||||
Federal Agencies – 15.0% | ||||||||||||||||
Adjustable Rate FHLMC(e) – 0.4% | ||||||||||||||||
500,545 | 4.477 | 08/01/35 | 510,962 | |||||||||||||
Adjustable Rate FNMA(e) – 1.1% | ||||||||||||||||
20,487 | 5.290 | 09/01/32 | 21,002 | |||||||||||||
188,715 | 5.339 | 12/01/33 | 192,431 | |||||||||||||
266,706 | 4.939 | 01/01/34 | 270,992 | |||||||||||||
449,777 | 3.941 | 02/01/34 | 457,204 | |||||||||||||
393,695 | 4.582 | 01/01/35 | 401,925 | |||||||||||||
1,343,554 | ||||||||||||||||
Adjustable Rate GNMA(e) – 0.7% | ||||||||||||||||
19,000 | 5.375 | 06/20/23 | 19,581 | |||||||||||||
8,460 | 4.625 | 07/20/23 | 8,684 | |||||||||||||
8,779 | 4.625 | 08/20/23 | 9,012 | |||||||||||||
GOLDMAN SACHS BALANCED FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Mortgage-Backed Obligations – (continued) | ||||||||||||||||
Adjustable Rate GNMA(e) – (continued) | ||||||||||||||||
$ | 23,473 | 4.625 | % | 09/20/23 | $ | 24,095 | ||||||||||
6,734 | 5.375 | 03/20/24 | 6,935 | |||||||||||||
60,888 | 5.375 | 04/20/24 | 62,754 | |||||||||||||
7,361 | 5.375 | 05/20/24 | 7,589 | |||||||||||||
61,371 | 5.375 | 06/20/24 | 63,271 | |||||||||||||
32,698 | 4.625 | 07/20/24 | 33,576 | |||||||||||||
46,009 | 4.625 | 08/20/24 | 47,248 | |||||||||||||
14,808 | 4.625 | 09/20/24 | 15,206 | |||||||||||||
17,735 | 4.125 | 11/20/24 | 18,118 | |||||||||||||
15,054 | 4.125 | 12/20/24 | 15,479 | |||||||||||||
12,588 | 5.375 | 01/20/25 | 12,967 | |||||||||||||
6,135 | 5.375 | 02/20/25 | 6,320 | |||||||||||||
21,401 | 5.375 | 05/20/25 | 22,068 | |||||||||||||
15,123 | 4.625 | 07/20/25 | 15,535 | |||||||||||||
8,048 | 5.375 | 02/20/26 | 8,710 | |||||||||||||
23,488 | 5.375 | 01/20/27 | 24,204 | |||||||||||||
7,686 | 5.375 | 02/20/27 | 7,921 | |||||||||||||
62,904 | 5.375 | 04/20/27 | 64,860 | |||||||||||||
7,631 | 5.375 | 05/20/27 | 7,871 | |||||||||||||
7,251 | 5.375 | 06/20/27 | 7,479 | |||||||||||||
2,370 | 4.125 | 11/20/27 | 2,422 | |||||||||||||
9,279 | 4.125 | 12/20/27 | 9,480 | |||||||||||||
19,660 | 5.375 | 01/20/28 | 20,262 | |||||||||||||
6,746 | 5.250 | 02/20/28 | 6,934 | |||||||||||||
7,445 | 5.375 | 03/20/28 | 7,673 | |||||||||||||
38,690 | 4.625 | 07/20/29 | 39,751 | |||||||||||||
15,730 | 4.625 | 08/20/29 | 16,161 | |||||||||||||
�� | 5,145 | 4.625 | 09/20/29 | 5,284 | ||||||||||||
19,621 | 4.125 | 10/20/29 | 20,042 | |||||||||||||
24,925 | 4.125 | 11/20/29 | 25,458 | |||||||||||||
6,001 | 4.125 | 12/20/29 | 6,127 | |||||||||||||
8,051 | 5.250 | 01/20/30 | 8,275 | |||||||||||||
4,062 | 5.250 | 02/20/30 | 4,175 | |||||||||||||
15,936 | 5.250 | 03/20/30 | 16,378 | |||||||||||||
25,601 | 5.375 | 04/20/30 | 26,393 | |||||||||||||
64,660 | 5.375 | 05/20/30 | 66,671 | |||||||||||||
6,232 | 5.375 | 06/20/30 | 6,423 | |||||||||||||
52,843 | 4.625 | 07/20/30 | 54,257 | |||||||||||||
8,039 | 4.625 | 09/20/30 | 8,254 | |||||||||||||
17,120 | 3.875 | 10/20/30 | 17,411 | |||||||||||||
877,314 | ||||||||||||||||
FHLMC – 3.3% | ||||||||||||||||
56,263 | 8.000 | 07/01/15 | 60,096 | |||||||||||||
13,198 | 7.000 | 12/01/15 | 13,900 | |||||||||||||
64,677 | 6.500 | 07/01/16 | 68,248 | |||||||||||||
31,601 | 7.500 | 03/01/27 | 34,693 | |||||||||||||
105,402 | 6.500 | 12/01/29 | 113,267 | |||||||||||||
111,464 | 7.000 | 04/01/31 | 120,668 | |||||||||||||
172,355 | 7.000 | 07/01/32 | 186,345 | |||||||||||||
911,212 | 6.500 | 01/01/33 | 974,224 | |||||||||||||
343,228 | 6.500 | 04/01/34 | 365,508 | |||||||||||||
1,490 | 5.500 | 01/01/37 | 1,543 | |||||||||||||
3,801 | 5.500 | 03/01/37 | 3,935 | |||||||||||||
21,180 | 5.500 | 04/01/37 | 21,930 | |||||||||||||
139,289 | 5.500 | 05/01/37 | 144,217 | |||||||||||||
1,722 | 5.500 | 06/01/37 | 1,784 | |||||||||||||
46,405 | 5.500 | 07/01/37 | 48,047 | |||||||||||||
3,650 | 5.500 | 08/01/37 | 3,779 | |||||||||||||
82,632 | 6.000 | 10/01/37 | 86,345 | |||||||||||||
46,521 | 6.000 | 11/01/37 | 48,612 | |||||||||||||
38,735 | 5.500 | 12/01/37 | 40,105 | |||||||||||||
49,267 | 5.500 | 02/01/38 | 51,009 | |||||||||||||
127,191 | 5.500 | 03/01/38 | 131,691 | |||||||||||||
57,646 | 5.500 | 04/01/38 | 59,686 | |||||||||||||
34,762 | 5.500 | 05/01/38 | 35,993 | |||||||||||||
251,029 | 5.500 | 06/01/38 | 259,912 | |||||||||||||
8,710 | 5.500 | 08/01/38 | 9,018 | |||||||||||||
276,935 | 6.000 | 08/01/38 | 289,381 | |||||||||||||
18,888 | 5.500 | 10/01/38 | 19,556 | |||||||||||||
176,732 | 6.000 | 11/01/38 | 184,674 | |||||||||||||
194,613 | 5.500 | 12/01/38 | 201,498 | |||||||||||||
38,679 | 5.500 | 01/01/39 | 40,047 | |||||||||||||
14,906 | 5.500 | 02/01/39 | 15,431 | |||||||||||||
400,000 | 5.000 | 04/01/39 | 411,539 | |||||||||||||
2,757 | 5.500 | 04/01/39 | 2,855 | |||||||||||||
4,049,536 | ||||||||||||||||
FNMA – 8.1% | ||||||||||||||||
20,823 | 7.000 | 01/01/16 | 21,951 | |||||||||||||
646,336 | 4.000 | 09/01/18 | 660,285 | |||||||||||||
358,351 | 6.000 | 09/01/19 | 378,278 | |||||||||||||
448,874 | 6.000 | 12/01/20 | 473,834 | |||||||||||||
880,366 | 4.500 | 06/01/23 | 905,711 | |||||||||||||
278,640 | 5.500 | 09/01/23 | 290,951 | |||||||||||||
96,186 | 5.500 | 10/01/23 | 100,676 | |||||||||||||
58,434 | 7.000 | 11/01/30 | 62,646 | |||||||||||||
109,373 | 7.500 | 03/01/31 | 116,970 | |||||||||||||
640,982 | 6.000 | 04/01/35 | 674,055 | |||||||||||||
279,982 | 6.000 | 11/01/35 | 295,187 | |||||||||||||
1,011,302 | 5.000 | 01/01/36 | 1,042,486 | |||||||||||||
88,967 | 6.500 | 09/01/36 | 94,390 | |||||||||||||
101,585 | 6.000 | 06/01/37 | 106,672 | |||||||||||||
51,480 | 6.000 | 08/01/37 | 53,875 | |||||||||||||
44,058 | 6.000 | 10/01/37 | 46,098 | |||||||||||||
37,176 | 6.000 | 11/01/37 | 38,905 | |||||||||||||
26,400 | 6.000 | 02/01/38 | 27,627 | |||||||||||||
775,214 | 5.500 | 04/01/38 | 803,203 | |||||||||||||
459,243 | 6.000 | 06/01/38 | 480,190 | |||||||||||||
31,531 | 6.000 | 07/01/38 | 32,969 | |||||||||||||
77,869 | 6.000 | 09/01/38 | 81,745 | |||||||||||||
1,916,301 | 5.000 | 01/01/39 | 1,983,277 | |||||||||||||
1,000,000 | 5.500 | TBA-30yr | (h) | 1,035,937 | ||||||||||||
9,807,918 | ||||||||||||||||
GOLDMAN SACHS BALANCED FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Mortgage-Backed Obligations – (continued) | ||||||||||||||||
GNMA – 1.4% | ||||||||||||||||
$ | 273,755 | 6.000 | % | 08/15/38 | $ | 285,896 | ||||||||||
370,556 | 6.000 | 09/15/38 | 386,992 | |||||||||||||
1,000,000 | 4.500 | TBA-30yr | (h) | 1,016,602 | ||||||||||||
1,689,490 | ||||||||||||||||
TOTAL FEDERAL AGENCIES | $ | 18,278,774 | ||||||||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS | ||||||||||||||||
(Cost $32,269,497) | $ | 28,301,837 | ||||||||||||||
Agency Debentures – 1.7% | ||||||||||||||||
FHLB | ||||||||||||||||
$ | 200,000 | 5.250 | % | 06/18/14 | $ | 223,916 | ||||||||||
FHLMC | ||||||||||||||||
700,000 | 4.750 | 11/17/15 | 770,305 | |||||||||||||
FNMA | ||||||||||||||||
100,000 | 5.000 | 02/13/17 | 109,970 | |||||||||||||
300,000 | 5.000 | 05/11/17 | 329,679 | |||||||||||||
100,000 | 0.000 | (i) | 10/09/19 | 51,011 | ||||||||||||
Tennessee Valley Authority(a) | ||||||||||||||||
600,000 | 5.375 | 04/01/56 | 602,202 | |||||||||||||
TOTAL AGENCY DEBENTURES | ||||||||||||||||
(Cost $2,087,263) | $ | 2,087,083 | ||||||||||||||
Asset-Backed Securities – 2.1% | ||||||||||||||||
Credit Card – 1.4% | ||||||||||||||||
Capital One Multi-Asset Execution Trust Series 2007-A9, Class A9 | ||||||||||||||||
$ | 1,700,000 | 4.950 | % | 08/15/12 | $ | 1,711,084 | ||||||||||
Home Equity – 0.6% | ||||||||||||||||
CIT Mortgage Loan Trust Series 2007-1, Class 2A1(d)(e) | ||||||||||||||||
321,855 | 1.438 | 10/25/37 | 241,392 | |||||||||||||
CIT Mortgage Loan Trust Series 2007-1, Class 2A2(d)(e) | ||||||||||||||||
120,000 | 1.688 | 10/25/37 | 34,800 | |||||||||||||
CIT Mortgage Loan Trust Series 2007-1, Class 2A3(d)(e) | ||||||||||||||||
210,000 | 1.888 | 10/25/37 | 57,750 | |||||||||||||
Countrywide Home Equity Loan Trust Series 2002-E, Class A(e) | ||||||||||||||||
82,491 | 0.711 | 10/15/28 | 38,525 | |||||||||||||
Countrywide Home Equity Loan Trust Series 2003-D, Class A(e) | ||||||||||||||||
137,622 | 0.711 | 06/15/29 | 49,491 | |||||||||||||
Countrywide Home Equity Loan Trust Series 2004-N, Class 2A(e) | ||||||||||||||||
180,567 | 0.731 | 02/15/34 | 58,539 | |||||||||||||
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1 | ||||||||||||||||
69,006 | 7.000 | 09/25/37 | 24,039 | |||||||||||||
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1 | ||||||||||||||||
74,957 | 7.000 | 09/25/37 | 24,988 | |||||||||||||
Household Home Equity Loan Trust Series 2007-3, Class APT(e) | ||||||||||||||||
341,526 | 1.647 | 11/20/36 | 228,876 | |||||||||||||
758,400 | ||||||||||||||||
Manufactured Housing – 0.1% | ||||||||||||||||
Mid-State Trust Series 4, Class A | ||||||||||||||||
147,096 | 8.330 | 04/01/30 | 111,221 | |||||||||||||
TOTAL ASSET-BACKED SECURITIES | ||||||||||||||||
(Cost $3,416,098) | $ | 2,580,705 | ||||||||||||||
Emerging Markets Debt – 0.3% | ||||||||||||||||
Export Development Canada | ||||||||||||||||
$ | 100,000 | 3.125 | % | 04/24/14 | $ | 98,675 | ||||||||||
Republic of Indonesia(d) | ||||||||||||||||
100,000 | 11.625 | 03/04/19 | 121,500 | |||||||||||||
Republic of Peru | ||||||||||||||||
100,000 | 7.125 | 03/30/19 | 108,000 | |||||||||||||
TOTAL EMERGING MARKETS DEBT | ||||||||||||||||
(Cost $298,621) | $ | 328,175 | ||||||||||||||
Foreign Debt Obligations – 1.2% | ||||||||||||||||
Supranational – 1.2% | ||||||||||||||||
European Investment Bank | ||||||||||||||||
$ | 500,000 | 3.000 | % | 04/08/14 | $ | 493,426 | ||||||||||
Inter-American Development Bank | ||||||||||||||||
500,000 | 3.000 | 04/22/14 | 502,416 | |||||||||||||
International Finance Corp. | ||||||||||||||||
500,000 | 3.000 | 04/22/14 | 492,509 | |||||||||||||
TOTAL FOREIGN DEBT OBLIGATIONS | ||||||||||||||||
(Cost $1,495,241) | $ | 1,488,351 | ||||||||||||||
U.S. Treasury Obligations – 0.5% | ||||||||||||||||
United States Treasury Inflation Protected Securities | ||||||||||||||||
$ | 109,073 | 1.875 | % | 07/15/15 | $ | 110,232 | ||||||||||
210,406 | 2.375 | 01/15/27 | 207,710 | |||||||||||||
101,270 | 1.750 | 01/15/28 | 91,112 | |||||||||||||
197,632 | 2.500 | 01/15/29 | 201,152 | |||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS | ||||||||||||||||
(Cost $615,323) | $ | 610,206 | ||||||||||||||
GOLDMAN SACHS BALANCED FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement(j) – 3.7% | ||||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||||
$ | 4,500,000 | 0.176 | % | 05/01/09 | $ | 4,500,000 | ||||||||||
Maturity Value: $4,500,022 | ||||||||||||||||
(Cost $4,500,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||||||
(Cost $123,500,035) | $ | 125,033,544 | ||||||||||||||
Shares | Rate | Value | ||||||||
Securities Lending Reinvestment Vehicle(e)(k) – 1.1% | ||||||||||
Boston Global Investment Trust – Enhanced Portfolio II | ||||||||||
1,388,414 | 0.456% | $ | 1,373,142 | |||||||
(Cost $1,368,592) | ||||||||||
TOTAL INVESTMENTS – 103.6% | ||||||||||
(Cost $124,868,627) | $ | 126,406,686 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (3.6)% | (4,401,021 | ) | ||||||||
NET ASSETS – 100.0% | $ | 122,005,665 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security | |
(a) | All or a portion of this security is segregated for initial margin requirements on futures transactions. | |
(b) | All or a portion of security is on loan. | |
(c) | Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates. | |
(d) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $3,063,419, which represents approximately 2.5% of net assets as of April 30, 2009. | |
(e) | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009. | |
(f) | Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate. | |
(g) | Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level. | |
(h) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $2,052,539 which represents approximately 1.7% of net assets as of April 30, 2009. | |
(i) | Security issued with a zero coupon. Income is recognized through the accretion of discount. | |
(j) | Joint repurchase agreement was entered into on April 30, 2009. Additional information appears on page 87. | |
(k) | Represents an affiliated issuer. |
Investment Abbreviations: | ||||||
CETIP | — | Central of Custody and Settlement of Private Bonds | ||||
FHLB | — | Federal Home Loan Bank | ||||
FHLMC | — | Federal Home Loan Mortgage Corp. | ||||
FNMA | — | Federal National Mortgage Association | ||||
GNMA | — | Government National Mortgage Association | ||||
KWCDC | — | South Korean Won Certificate of Deposit | ||||
LIBOR | — | London Interbank Offered Rate | ||||
REMIC | — | Real Estate Mortgage Investment Conduit | ||||
TIIE | — | La Tasa de Interbank Equilibrium Interest Rate | ||||
GOLDMAN SACHS BALANCED FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACT — At April 30, 2009, the Fund had an outstanding forward foreign currency exchange contract to sell foreign currencies:
Open Forward Foreign Currency | Contract | Expiration | Value on | Current | Unrealized | |||||||||||||
Contracts with Unrealized Gain | Type | Date | Settlement Date | Value | Gain | |||||||||||||
Euro | Sale | 05/22/09 | $ | 218,743 | $ | 218,358 | $ | 385 | ||||||||||
FORWARD SALES CONTRACT — At April 30, 2009, the Fund had the following forward sales contract:
Interest | Maturity | Settlement | Principal | |||||||||||||||
Description | Rate | Date(h) | Date | Amount | Value | |||||||||||||
FNMA (Proceeds Receivable $1,030,781) | 5.000% | TBA-30yr | 05/12/09 | $ | 1,000,000 | $ | 1,028,516 | |||||||||||
FUTURES CONTRACTS — At April 30, 2009, the following futures contracts were open:
Number of | ||||||||||||||
Contracts | Settlement | Notional | Unrealized | |||||||||||
Type | Long (Short) | Month | Value | Gain (Loss) | ||||||||||
Eurodollars | 7 | May 2009 | $ | 1,733,419 | $ | 3,876 | ||||||||
S & P Mini 500 Index | 38 | June 2009 | 1,653,000 | 220,407 | ||||||||||
2 Year Euro Schatz | 5 | June 2009 | 714,838 | (476 | ) | |||||||||
2 Year U.S. Treasury Notes | 20 | June 2009 | 4,350,938 | 1,953 | ||||||||||
5 Year U.S. Treasury Notes | (31 | ) | June 2009 | (3,631,359 | ) | 41,337 | ||||||||
10 Year U.S. Treasury Notes | (11 | ) | June 2009 | (1,330,313 | ) | 22,606 | ||||||||
30 Year U.S. Treasury Bonds | 26 | June 2009 | 3,186,625 | (88,580 | ) | |||||||||
TOTAL | $ | 201,123 | ||||||||||||
GOLDMAN SACHS BALANCED FUND
ADDITIONAL INVESTMENT INFORMATION (continued) |
SWAP CONTRACTS — At April 30, 2009, the Fund had outstanding swap contracts with the following terms:
INTEREST RATE SWAP CONTRACTS
Rates | ||||||||||||||||||||||
Exchanged | Upfront | |||||||||||||||||||||
Notional | Payments | Payments | Payments made | |||||||||||||||||||
Amount | Termination | received by | made by | Market | (received) | Unrealized | ||||||||||||||||
Swap Counterparty | (000s) | Date | the Fund | the Fund | Value | by the Fund | Gain (Loss) | |||||||||||||||
Banc of America Securities LLC | $ | 4,000 | 04/06/12 | 4.736% | 3 month LIBOR | $ | 335,510 | $ | — | $ | 335,510 | |||||||||||
800 | (a) | 06/18/29 | 3 month LIBOR | 3.500% | 13,515 | (15,610 | ) | 29,125 | ||||||||||||||
Mexico Interbank | ||||||||||||||||||||||
Citibank NA | MXN | 4,000 | 12/08/10 | 8.210 | TIIE 28 Days | 10,730 | — | 10,730 | ||||||||||||||
Mexico Interbank | ||||||||||||||||||||||
10,000 | 12/09/10 | 8.210 | TIIE 28 Days | 26,830 | — | 26,830 | ||||||||||||||||
Mexico Interbank | ||||||||||||||||||||||
Credit Suisse First Boston Corp. | 1,000 | 12/03/10 | 8.400 | TIIE 28 Days | 2,897 | — | 2,897 | |||||||||||||||
$ | 500 | (a) | 06/18/29 | 3 month LIBOR | 3.500 | 8,447 | (53,648 | ) | 62,095 | |||||||||||||
Deutsche Bank Securities, Inc. | KRW | 253,000 | 01/28/11 | 2.820 | 3 month KWCDC | (643 | ) | — | (643 | ) | ||||||||||||
$ | 1,200 | (a) | 06/17/14 | 3.250 | 3 month LIBOR | 35,190 | 29,913 | 5,277 | ||||||||||||||
200 | (a) | 06/18/29 | 3 month LIBOR | 3.500 | 3,379 | (14,267 | ) | 17,646 | ||||||||||||||
1 month Brazil | ||||||||||||||||||||||
CETIP Interbank | ||||||||||||||||||||||
JPMorgan Securities, Inc. | BRL | 1,500 | 01/04/10 | 10.060 | Deposit Average | 629 | — | 629 | ||||||||||||||
Mexico Interbank | ||||||||||||||||||||||
MXN | 5,500 | 12/01/10 | 8.420 | TIIE 28 Days | 16,057 | — | 16,057 | |||||||||||||||
Mexico Interbank | ||||||||||||||||||||||
4,000 | 12/03/10 | 8.380 | TIIE 28 Days | 11,499 | — | 11,499 | ||||||||||||||||
KRW | 246,000 | 01/28/11 | 2.830 | 3 month KWCDC | (588 | ) | — | (588 | ) | |||||||||||||
$ | 3,400 | (a) | 06/17/16 | 3.500 | 3 month LIBOR | 112,006 | 66,172 | 45,834 | ||||||||||||||
800 | (a) | 06/17/19 | 3 month LIBOR | 3.500 | (15,483 | ) | (7,222 | ) | (8,261 | ) | ||||||||||||
TOTAL | $ | 559,975 | $ | 5,338 | $ | 554,637 | ||||||||||||||||
(a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2009. |
CREDIT DEFAULT SWAP CONTRACTS
Upfront | ||||||||||||||||||||||||||
Credit | Payments | |||||||||||||||||||||||||
Notional | Rates (paid) | Spread at | made | |||||||||||||||||||||||
Referenced | Amount | received by | Termination | April 30, 2009(a) | Market | (received) | Unrealized | |||||||||||||||||||
Swap Counterparty | Obligation | (000s) | Fund | Date | (basis points) | Value | by the Fund | Loss | ||||||||||||||||||
Protection Purchased: | ||||||||||||||||||||||||||
Deutsche Bank | CDX North America | |||||||||||||||||||||||||
Securities, Inc. | Investment Grade Index | $5,000 | (1.500 | )% | 12/20/13 | 200 | $ | 93,000 | $ | 150,306 | $ | (57,306 | ) | |||||||||||||
Protection Sold: | ||||||||||||||||||||||||||
Credit Suisse First Boston Corp. | ABX-HE-AAA 07-1 Index | 600 | 0.090 | 08/25/37 | 3,740 | (444,573 | ) | (134,534 | ) | (310,039 | ) | |||||||||||||||
ABX-HE-AAA 07-2 Index | 500 | 0.760 | 01/25/38 | 3,451 | (371,293 | ) | (122,356 | ) | (248,937 | ) | ||||||||||||||||
TOTAL | $ | (722,866 | ) | $ | (106,584 | ) | $ | (616,282 | ) | |||||||||||||||||
(a) | Credit spread on the Referenced Obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase. |
GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||||||
Common Stocks – 97.7% | ||||||||||||||
Aerospace & Defense – 2.1% | ||||||||||||||
107,626 | Lockheed Martin Corp. | $ | 8,451,870 | |||||||||||
81,616 | Northrop Grumman Corp. | 3,946,133 | ||||||||||||
56,806 | Rockwell Collins, Inc. | 2,178,510 | ||||||||||||
63,553 | The Boeing Co. | 2,545,298 | ||||||||||||
9,314 | United Technologies Corp. | 454,896 | ||||||||||||
17,576,707 | ||||||||||||||
Air Freight & Logistics – 2.2% | ||||||||||||||
108,549 | C.H. Robinson Worldwide, Inc. | 5,770,465 | ||||||||||||
177,411 | Expeditors International of Washington, Inc. | 6,157,936 | ||||||||||||
22,539 | FedEx Corp. | 1,261,282 | ||||||||||||
73,365 | United Parcel Service, Inc. Class B | 3,839,924 | ||||||||||||
71,884 | UTI Worldwide, Inc. | 967,559 | ||||||||||||
17,997,166 | ||||||||||||||
Auto Components – 0.6% | ||||||||||||||
23,710 | Autoliv, Inc. | 584,926 | ||||||||||||
6,623 | Federal-Mogul Corp.* | 73,515 | ||||||||||||
235,012 | Johnson Controls, Inc. | 4,467,578 | ||||||||||||
5,126,019 | ||||||||||||||
Beverages – 3.7% | ||||||||||||||
95,183 | Coca-Cola Enterprises, Inc. | 1,623,822 | ||||||||||||
287,451 | Hansen Natural Corp.*(a) | 11,716,503 | ||||||||||||
225,916 | PepsiCo, Inc. | 11,241,580 | ||||||||||||
145,597 | The Coca-Cola Co. | 6,267,951 | ||||||||||||
30,849,856 | ||||||||||||||
Biotechnology* – 3.5% | ||||||||||||||
15,925 | Amgen, Inc. | 771,885 | ||||||||||||
135,176 | Biogen Idec, Inc. | 6,534,408 | ||||||||||||
21,861 | Genzyme Corp. | 1,165,847 | ||||||||||||
455,639 | Gilead Sciences, Inc.(a) | 20,868,266 | ||||||||||||
29,340,406 | ||||||||||||||
Building Products* – 0.0% | ||||||||||||||
4,274 | Armstrong World Industries, Inc. | 77,701 | ||||||||||||
Capital Markets – 2.2% | ||||||||||||||
19,982 | BlackRock, Inc. | 2,927,763 | ||||||||||||
168,082 | Eaton Vance Corp.(a) | 4,600,404 | ||||||||||||
69,142 | Federated Investors, Inc. Class B | 1,581,969 | ||||||||||||
9,039 | Franklin Resources, Inc. | 546,679 | ||||||||||||
287,787 | SEI Investments Co. | 4,037,651 | ||||||||||||
84,634 | T. Rowe Price Group, Inc.(a) | 3,260,102 | ||||||||||||
90,677 | The Charles Schwab Corp. | 1,675,711 | ||||||||||||
18,630,279 | ||||||||||||||
Chemicals – 1.7% | ||||||||||||||
46,372 | Ecolab, Inc. | 1,787,641 | ||||||||||||
31,043 | FMC Corp. | 1,512,725 | ||||||||||||
90,493 | Huntsman Corp. | 485,042 | ||||||||||||
123,250 | Monsanto Co. | 10,462,693 | ||||||||||||
14,248,101 | ||||||||||||||
Commercial Banks – 0.2% | ||||||||||||||
33,324 | Comerica, Inc. | 699,137 | ||||||||||||
45,253 | U.S. Bancorp | 824,510 | ||||||||||||
1,523,647 | ||||||||||||||
Commercial Services & Supplies* – 0.1% | ||||||||||||||
18,706 | Copart, Inc. | 587,181 | ||||||||||||
Communications Equipment – 4.9% | ||||||||||||||
7,648 | ADC Telecommunications, Inc.* | 56,289 | ||||||||||||
1,517,543 | Cisco Systems, Inc.* | 29,318,931 | ||||||||||||
223,194 | QUALCOMM, Inc. | 9,445,570 | ||||||||||||
305,730 | Tellabs, Inc.* | 1,602,025 | ||||||||||||
40,422,815 | ||||||||||||||
Computers & Peripherals – 8.5% | ||||||||||||||
140,857 | Apple, Inc.*(b) | 17,724,036 | ||||||||||||
661,338 | Dell, Inc.* | 7,684,748 | ||||||||||||
841,052 | EMC Corp.* | 10,538,382 | ||||||||||||
187,678 | Hewlett-Packard Co. | 6,752,654 | ||||||||||||
162,453 | International Business Machines Corp. | 16,766,774 | ||||||||||||
416,171 | NetApp, Inc.* | 7,615,929 | ||||||||||||
202,252 | Seagate Technology | 1,650,376 | ||||||||||||
44,254 | Sun Microsystems, Inc.* | 405,367 | ||||||||||||
67,911 | Western Digital Corp.* | 1,597,267 | ||||||||||||
70,735,533 | ||||||||||||||
Construction & Engineering – 0.6% | ||||||||||||||
67,021 | Fluor Corp. | 2,538,085 | ||||||||||||
20,042 | Jacobs Engineering Group, Inc.* | 762,398 | ||||||||||||
29,906 | URS Corp.* | 1,317,658 | ||||||||||||
4,618,141 | ||||||||||||||
Containers & Packaging – 0.3% | ||||||||||||||
13,013 | AptarGroup, Inc. | 403,793 | ||||||||||||
57,597 | Ball Corp. | 2,172,559 | ||||||||||||
2,576,352 | ||||||||||||||
Diversified Financial Services – 0.3% | ||||||||||||||
386,898 | Citigroup, Inc.(a) | 1,180,039 | ||||||||||||
6,815 | CME Group, Inc. | 1,508,500 | ||||||||||||
2,688,539 | ||||||||||||||
Diversified Telecommunication Services – 0.8% | ||||||||||||||
189,827 | Embarq Corp. | 6,940,075 | ||||||||||||
Electrical Equipment – 2.2% | ||||||||||||||
531,750 | Emerson Electric Co. | 18,100,770 | ||||||||||||
Electronic Equipment, Instruments & Components* – 1.0% | ||||||||||||||
18,501 | Arrow Electronics, Inc. | 420,713 | ||||||||||||
31,846 | Avnet, Inc. | 697,109 | ||||||||||||
349,547 | Ingram Micro, Inc. | 5,075,423 | ||||||||||||
62,403 | Tech Data Corp. | 1,796,582 | ||||||||||||
7,989,827 | ||||||||||||||
GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND
Shares | Description | Value | ||||||||||||
Common Stocks – (continued) | ||||||||||||||
Energy Equipment & Services – 2.1% | ||||||||||||||
60,809 | Exterran Holdings, Inc.* | $ | 1,255,706 | |||||||||||
87,046 | Patterson-UTI Energy, Inc. | 1,106,354 | ||||||||||||
312,011 | Schlumberger Ltd. | 15,285,419 | ||||||||||||
17,647,479 | ||||||||||||||
Food & Staples Retailing – 4.3% | ||||||||||||||
273,874 | BJ’s Wholesale Club, Inc.*(a) | 9,130,959 | ||||||||||||
33,138 | Costco Wholesale Corp. | 1,610,507 | ||||||||||||
46,931 | SUPERVALU, Inc. | 767,322 | ||||||||||||
476,136 | Wal-Mart Stores, Inc. | 23,997,254 | ||||||||||||
35,506,042 | ||||||||||||||
Food Products – 0.7% | ||||||||||||||
27,051 | Archer-Daniels-Midland Co. | 665,996 | ||||||||||||
68,856 | Bunge Ltd. | 3,305,776 | ||||||||||||
36,074 | Hormel Foods Corp. | 1,128,755 | ||||||||||||
103,255 | Tyson Foods, Inc. | 1,088,308 | ||||||||||||
6,188,835 | ||||||||||||||
Health Care Equipment & Supplies – 1.8% | ||||||||||||||
231,852 | Boston Scientific Corp.* | 1,949,875 | ||||||||||||
69,851 | Gen-Probe, Inc.* | 3,364,024 | ||||||||||||
287,378 | Hologic, Inc.*(a) | 4,270,437 | ||||||||||||
73,377 | Medtronic, Inc. | 2,348,064 | ||||||||||||
87,145 | Varian Medical Systems, Inc.* | 2,908,029 | ||||||||||||
14,840,429 | ||||||||||||||
Health Care Providers & Services – 1.4% | ||||||||||||||
10,829 | AmerisourceBergen Corp. | 364,288 | ||||||||||||
113,501 | Coventry Health Care, Inc.* | 1,805,801 | ||||||||||||
141,100 | Humana, Inc.* | 4,060,858 | ||||||||||||
29,618 | McKesson Corp. | 1,095,866 | ||||||||||||
86,297 | Medco Health Solutions, Inc.* | 3,758,234 | ||||||||||||
10,516 | UnitedHealth Group, Inc. | 247,336 | ||||||||||||
11,332,383 | ||||||||||||||
Health Care Technology*(a) – 1.0% | ||||||||||||||
58,438 | Cerner Corp. | 3,143,964 | ||||||||||||
501,548 | Hlth Corp. | 5,517,028 | ||||||||||||
8,660,992 | ||||||||||||||
Hotels, Restaurants & Leisure – 3.9% | ||||||||||||||
279,763 | McDonald’s Corp. | 14,908,570 | ||||||||||||
92,625 | Panera Bread Co.*(a) | 5,187,926 | ||||||||||||
144,950 | Wyndham Worldwide Corp. | 1,693,016 | ||||||||||||
322,710 | Yum! Brands, Inc. | 10,762,379 | ||||||||||||
32,551,891 | ||||||||||||||
Household Durables – 0.2% | ||||||||||||||
76,410 | Harman International Industries, Inc. | 1,389,898 | ||||||||||||
Household Products(a) – 1.2% | ||||||||||||||
173,361 | Colgate-Palmolive Co. | 10,228,299 | ||||||||||||
Independent Power Producers & Energy Traders* – 0.3% | ||||||||||||||
1,036,730 | Dynegy, Inc. | 1,845,379 | ||||||||||||
50,665 | Mirant Corp. | 644,966 | ||||||||||||
2,490,345 | ||||||||||||||
Industrial Conglomerates – 0.1% | ||||||||||||||
21,500 | Tyco International Ltd. | 510,840 | ||||||||||||
Insurance – 0.1% | ||||||||||||||
29,900 | HCC Insurance Holdings, Inc. | 715,208 | ||||||||||||
Internet & Catalog Retail* – 0.3% | ||||||||||||||
30,018 | Amazon.com, Inc. | 2,417,049 | ||||||||||||
91,215 | Liberty Media Corp. — Interactive | 483,440 | ||||||||||||
2,900,489 | ||||||||||||||
Internet Software & Services* – 3.0% | ||||||||||||||
44,793 | Google, Inc. | 17,736,684 | ||||||||||||
64,786 | Sohu.com, Inc.(a) | 3,378,590 | ||||||||||||
197,253 | VeriSign, Inc. | 4,059,467 | ||||||||||||
25,174,741 | ||||||||||||||
IT Services – 3.0% | ||||||||||||||
788,211 | Accenture Ltd. | 23,197,050 | ||||||||||||
31,893 | Fidelity National Information Services, Inc. | 569,290 | ||||||||||||
66,910 | NeuStar, Inc.*(a) | 1,271,959 | ||||||||||||
25,038,299 | ||||||||||||||
Life Sciences Tools & Services* – 0.8% | ||||||||||||||
180,890 | Thermo Fisher Scientific, Inc. | 6,345,621 | ||||||||||||
Machinery – 1.6% | ||||||||||||||
111,282 | AGCO Corp.* | 2,704,153 | ||||||||||||
9,470 | Cummins, Inc. | 321,980 | ||||||||||||
10,051 | Deere & Co. | 414,704 | ||||||||||||
13,936 | Dover Corp. | 428,950 | ||||||||||||
77,032 | Illinois Tool Works, Inc.(a) | 2,526,650 | ||||||||||||
230,085 | The Toro Co.(a) | 6,989,982 | ||||||||||||
13,386,419 | ||||||||||||||
Media – 2.4% | ||||||||||||||
104,889 | CBS Corp. Class B | 738,418 | ||||||||||||
157,822 | Comcast Corp. | 2,439,928 | ||||||||||||
33,888 | Comcast Corp. Special Class A | 497,476 | ||||||||||||
18,495 | Scripps Networks Interactive | 507,503 | ||||||||||||
272,981 | Time Warner Cable, Inc. | 8,798,178 | ||||||||||||
299,774 | Time Warner, Inc. | 6,544,059 | ||||||||||||
19,525,562 | ||||||||||||||
Metals & Mining – 1.3% | ||||||||||||||
54,790 | Allegheny Technologies, Inc. | 1,793,277 | ||||||||||||
20,192 | Commercial Metals Co. | 300,457 | ||||||||||||
141,101 | Reliance Steel & Aluminum Co. | 4,970,988 | ||||||||||||
28,111 | Schnitzer Steel Industries, Inc. | 1,393,181 | ||||||||||||
119,799 | Southern Copper Corp.(a) | 2,224,667 | ||||||||||||
35,386 | Titanium Metals Corp. | 240,271 | ||||||||||||
10,922,841 | ||||||||||||||
GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||||||
Common Stocks – (continued) | ||||||||||||||
Multiline Retail – 1.7% | ||||||||||||||
113,319 | Dollar Tree, Inc.* | $ | 4,797,927 | |||||||||||
279,332 | Family Dollar Stores, Inc. | 9,271,029 | ||||||||||||
14,068,956 | ||||||||||||||
Oil, Gas & Consumable Fuels – 6.7% | ||||||||||||||
24,275 | Apache Corp. | 1,768,677 | ||||||||||||
24,367 | Cimarex Energy Co. | 655,472 | ||||||||||||
8,776 | ConocoPhillips | 359,816 | ||||||||||||
72,400 | Devon Energy Corp. | 3,753,940 | ||||||||||||
140,152 | Exxon Mobil Corp. | 9,343,934 | ||||||||||||
158,642 | Frontier Oil Corp.(a) | 2,016,340 | ||||||||||||
109,922 | Murphy Oil Corp. | 5,244,379 | ||||||||||||
203,458 | Occidental Petroleum Corp. | 11,452,651 | ||||||||||||
10,456 | Southwestern Energy Co.* | 374,952 | ||||||||||||
154,109 | Sunoco, Inc.(a) | 4,085,430 | ||||||||||||
445,738 | Tesoro Corp.(a) | 6,797,504 | ||||||||||||
503,198 | Valero Energy Corp. | 9,983,448 | ||||||||||||
55,836,543 | ||||||||||||||
Pharmaceuticals – 3.9% | ||||||||||||||
95,465 | Abbott Laboratories | 3,995,210 | ||||||||||||
136,253 | Bristol-Myers Squibb Co. | 2,616,058 | ||||||||||||
314,586 | Eli Lilly & Co. | 10,356,171 | ||||||||||||
101,576 | Forest Laboratories, Inc.* | 2,203,184 | ||||||||||||
10,430 | Johnson & Johnson | 546,115 | ||||||||||||
222,650 | King Pharmaceuticals, Inc.* | 1,754,482 | ||||||||||||
38,817 | Merck & Co., Inc. | 940,924 | ||||||||||||
417,815 | Schering-Plough Corp. | 9,618,101 | ||||||||||||
32,030,245 | ||||||||||||||
Professional Services – 1.1% | ||||||||||||||
144,709 | Manpower, Inc. | 6,235,511 | ||||||||||||
107,458 | Robert Half International, Inc.(a) | 2,581,141 | ||||||||||||
8,816,652 | ||||||||||||||
Real Estate Investment Trusts – 0.6% | ||||||||||||||
3,276 | Federal Realty Investment Trust | 180,835 | ||||||||||||
111,914 | Nationwide Health Properties, Inc.(a) | 2,763,157 | ||||||||||||
32,980 | Plum Creek Timber Co., Inc.(a) | 1,138,469 | ||||||||||||
9,795 | Rayonier, Inc. | 378,283 | ||||||||||||
32,700 | SL Green Realty Corp.(a) | 577,482 | ||||||||||||
5,038,226 | ||||||||||||||
Road & Rail(a) – 1.4% | ||||||||||||||
409,716 | J.B. Hunt Transportation Services, Inc. | 11,521,214 | ||||||||||||
Semiconductors & Semiconductor Equipment – 4.7% | ||||||||||||||
263,788 | Atmel Corp.* | 1,012,946 | ||||||||||||
358,087 | Broadcom Corp.* | 8,304,038 | ||||||||||||
236,273 | Cypress Semiconductor Corp.* | 1,873,645 | ||||||||||||
4,035 | Fairchild Semiconductor International, Inc.* | 24,856 | ||||||||||||
120,749 | Integrated Device Technology, Inc.* | 655,667 | ||||||||||||
1,108,169 | Intel Corp. | 17,486,907 | ||||||||||||
319,997 | LSI Corp.* | 1,228,788 | ||||||||||||
117,525 | Marvell Technology Group Ltd.* | 1,290,424 | ||||||||||||
377,703 | Texas Instruments, Inc.(a) | 6,821,316 | ||||||||||||
38,698,587 | ||||||||||||||
Software – 7.1% | ||||||||||||||
150,324 | Activision Blizzard, Inc.* | 1,618,989 | ||||||||||||
322,134 | Adobe Systems, Inc.* | 8,810,365 | ||||||||||||
86,966 | Cadence Design Systems, Inc.* | 485,270 | ||||||||||||
1,900,964 | Microsoft Corp. | 38,513,531 | ||||||||||||
328,788 | Oracle Corp. | 6,358,760 | ||||||||||||
125,378 | Symantec Corp.* | 2,162,771 | ||||||||||||
38,783 | Synopsys, Inc.* | 844,694 | ||||||||||||
58,794,380 | ||||||||||||||
Specialty Retail – 2.2% | ||||||||||||||
8,796 | Advance Auto Parts, Inc. | 384,825 | ||||||||||||
32,380 | Barnes & Noble, Inc.(a) | 845,765 | ||||||||||||
364,168 | PetSmart, Inc. | 8,332,164 | ||||||||||||
144,406 | Ross Stores, Inc.(a) | 5,478,764 | ||||||||||||
19,693 | Signet Jewelers Ltd. | 312,528 | ||||||||||||
111,722 | The TJX Cos., Inc. | 3,124,864 | ||||||||||||
18,478,910 | ||||||||||||||
Textiles, Apparel & Luxury Goods – 0.1% | ||||||||||||||
31,260 | Coach, Inc.* | 765,870 | ||||||||||||
29,506 | Jones Apparel Group, Inc. | 272,636 | ||||||||||||
1,038,506 | ||||||||||||||
Tobacco – 2.9% | ||||||||||||||
277,911 | Lorillard, Inc. | 17,544,522 | ||||||||||||
185,110 | Philip Morris International, Inc. | 6,700,982 | ||||||||||||
24,245,504 | ||||||||||||||
Trading Companies & Distributors – 0.1% | ||||||||||||||
8,458 | Fastenal Co. | 324,449 | ||||||||||||
9,601 | MSC Industrial Direct Co., Inc. | 392,201 | ||||||||||||
716,650 | ||||||||||||||
Wireless Telecommunication Services – 0.8% | ||||||||||||||
25,396 | Leap Wireless International, Inc.* | 916,034 | ||||||||||||
56,783 | NII Holdings, Inc.* | 917,613 | ||||||||||||
904,318 | Sprint Nextel Corp.* | 3,942,827 | ||||||||||||
18,539 | Telephone & Data Systems, Inc. | 531,513 | ||||||||||||
1,918 | United States Cellular Corp.* | 65,212 | ||||||||||||
6,373,199 | ||||||||||||||
TOTAL COMMON STOCKS | ||||||||||||||
(Cost $884,728,357) | $ | 811,043,300 | ||||||||||||
GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement(c) – 2.7% | ||||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||||
$ | 22,400,000 | 0.176 | % | 05/01/09 | $ | 22,400,000 | ||||||||||
Maturity Value: $22,400,110 | ||||||||||||||||
(Cost $22,400,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||||||
(Cost $907,128,357) | $ | 833,443,300 | ||||||||||||||
Shares | Rate | Value | ||||||||||
Securities Lending Reinvestment Vehicle(d)(e) – 9.0% | ||||||||||||
Boston Global Investment Trust – Enhanced Portfolio II | ||||||||||||
75,290,023 | 0.456 | % | $ | 74,461,833 | ||||||||
(Cost $73,952,433) | ||||||||||||
TOTAL INVESTMENTS – 109.4% | ||||||||||||
(Cost $981,080,790) | $ | 907,905,133 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (9.4)% | (78,241,255 | ) | ||||||||||
NET ASSETS – 100.0% | $ | 829,663,878 | ||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | All or a portion of security is segregated as collateral for initial margin requirements on futures transactions. | |
(c) | Joint repurchase agreement was entered into on April 30, 2009. Additional information appears on page 87. | |
(d) | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009. | |
(e) | Represents an affiliated issuer. |
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACT — At April 30, 2009, the following futures contract was open:
Number of | ||||||||||||||||
Contracts | Settlement | Notional | Unrealized | |||||||||||||
Type | Long | Month | Value | Gain | ||||||||||||
S&P Mini 500 Index | 449 | June 2009 | $ | 19,531,500 | $ | 1,353,695 | ||||||||||
GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – 97.9% | ||||||||||
Aerospace & Defense – 0.3% | ||||||||||
18,414 | Lockheed Martin Corp. | $ | 1,446,051 | |||||||
24,107 | Northrop Grumman Corp. | 1,165,574 | ||||||||
2,611,625 | ||||||||||
Air Freight & Logistics – 1.3% | ||||||||||
20,986 | C.H. Robinson Worldwide, Inc. | 1,115,616 | ||||||||
107,070 | Expeditors International of Washington, Inc.(a) | 3,716,400 | ||||||||
96,463 | FedEx Corp. | 5,398,069 | ||||||||
72,562 | UTI Worldwide, Inc. | 976,684 | ||||||||
11,206,769 | ||||||||||
Auto Components – 0.9% | ||||||||||
67,587 | Autoliv, Inc.(a) | 1,667,371 | ||||||||
15,868 | BorgWarner, Inc. | 459,379 | ||||||||
8,906 | Federal-Mogul Corp.* | 98,857 | ||||||||
296,505 | Johnson Controls, Inc.(a) | 5,636,560 | ||||||||
7,862,167 | ||||||||||
Beverages – 1.1% | ||||||||||
38,398 | Coca-Cola Enterprises, Inc. | 655,070 | ||||||||
216,196 | Hansen Natural Corp.*(a) | 8,812,149 | ||||||||
9,467,219 | ||||||||||
Biotechnology* – 2.5% | ||||||||||
212,658 | Amgen, Inc. | 10,307,533 | ||||||||
39,560 | Biogen Idec, Inc. | 1,912,330 | ||||||||
180,838 | Gilead Sciences, Inc.(a) | 8,282,381 | ||||||||
20,502,244 | ||||||||||
Building Products* – 0.0% | ||||||||||
10,698 | Armstrong World Industries, Inc. | 194,490 | ||||||||
Capital Markets – 4.4% | ||||||||||
222,310 | Bank of New York Mellon Corp. | 5,664,459 | ||||||||
23,493 | BlackRock, Inc.(a) | 3,442,194 | ||||||||
203,150 | Eaton Vance Corp. | 5,560,215 | ||||||||
57,568 | Federated Investors, Inc. Class B | 1,317,156 | ||||||||
22,446 | Franklin Resources, Inc. | 1,357,534 | ||||||||
87,387 | Invesco Ltd. | 1,286,337 | ||||||||
228,686 | Morgan Stanley(a) | 5,406,137 | ||||||||
62,010 | Raymond James Financial, Inc.(a) | 972,937 | ||||||||
344,540 | SEI Investments Co. | 4,833,896 | ||||||||
116,521 | T. Rowe Price Group, Inc.(a) | 4,488,389 | ||||||||
104,173 | The Charles Schwab Corp. | 1,925,117 | ||||||||
36,254,371 | ||||||||||
Chemicals – 0.7% | ||||||||||
12,608 | FMC Corp. | 614,388 | ||||||||
236,831 | Huntsman Corp.(a) | 1,269,414 | ||||||||
12,929 | Monsanto Co. | 1,097,543 | ||||||||
157,358 | The Dow Chemical Co. | 2,517,728 | ||||||||
5,499,073 | ||||||||||
Commercial Banks – 5.3% | ||||||||||
45,661 | BancorpSouth, Inc. | 1,061,618 | ||||||||
256,050 | BB&T Corp.(a) | 5,976,207 | ||||||||
332,938 | Comerica, Inc. | 6,985,039 | ||||||||
13,175 | M&T Bank Corp.(a) | 691,029 | ||||||||
233,633 | Synovus Financial Corp.(a) | 754,635 | ||||||||
508,680 | U.S. Bancorp | 9,268,150 | ||||||||
970,552 | Wells Fargo & Co. | 19,420,745 | ||||||||
44,157,423 | ||||||||||
Commercial Services & Supplies – 0.0% | ||||||||||
7,575 | Steelcase, Inc. | 34,315 | ||||||||
Communications Equipment* – 0.1% | ||||||||||
14,328 | ADC Telecommunications, Inc.(a) | 105,454 | ||||||||
182,654 | Tellabs, Inc. | 957,107 | ||||||||
1,062,561 | ||||||||||
Computers & Peripherals – 1.2% | ||||||||||
36,716 | Dell, Inc.* | 426,640 | ||||||||
275,595 | EMC Corp.* | 3,453,205 | ||||||||
195,724 | NetApp, Inc.*(a) | 3,581,749 | ||||||||
140,866 | Seagate Technology | 1,149,467 | ||||||||
133,880 | Sun Microsystems, Inc.* | 1,226,341 | ||||||||
9,837,402 | ||||||||||
Construction & Engineering* – 0.2% | ||||||||||
39,868 | URS Corp. | 1,756,584 | ||||||||
Containers & Packaging – 1.1% | ||||||||||
40,330 | AptarGroup, Inc.(a) | 1,251,440 | ||||||||
119,448 | Ball Corp. | 4,505,578 | ||||||||
129,360 | Sonoco Products Co. | 3,157,678 | ||||||||
8,914,696 | ||||||||||
Diversified Financial Services – 5.1% | ||||||||||
1,174,723 | Bank of America Corp. | 10,490,276 | ||||||||
1,848,826 | Citigroup, Inc.(a) | 5,638,919 | ||||||||
11,040 | CME Group, Inc. | 2,443,704 | ||||||||
661,439 | JPMorgan Chase & Co. | 21,827,487 | ||||||||
67,524 | Moody’s Corp.(a) | 1,993,309 | ||||||||
42,393,695 | ||||||||||
Diversified Telecommunication Services – 6.3% | ||||||||||
962,573 | AT&T, Inc.(b) | 24,661,120 | ||||||||
14,821 | CenturyTel, Inc. | 402,390 | ||||||||
293,303 | Embarq Corp. | 10,723,158 | ||||||||
559,110 | Verizon Communications, Inc. | 16,963,397 | ||||||||
52,750,065 | ||||||||||
Electric Utilities – 2.1% | ||||||||||
294,757 | Duke Energy Corp. | 4,070,594 | ||||||||
61,557 | Edison International | 1,754,990 | ||||||||
152,051 | Exelon Corp. | 7,014,113 | ||||||||
72,479 | Pinnacle West Capital Corp. | 1,984,475 | ||||||||
77,149 | PPL Corp.(a) | 2,307,526 | ||||||||
17,131,698 | ||||||||||
Electrical Equipment – 1.0% | ||||||||||
242,169 | Emerson Electric Co. | 8,243,433 | ||||||||
GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Electronic Equipment, Instruments & Components* – 0.6% | ||||||||||
3,559 | Arrow Electronics, Inc. | $ | 80,932 | |||||||
282,681 | Ingram Micro, Inc. | 4,104,528 | ||||||||
27,246 | Tech Data Corp.(a) | 784,412 | ||||||||
4,969,872 | ||||||||||
Food & Staples Retailing – 2.1% | ||||||||||
208,961 | BJ’s Wholesale Club, Inc.*(a) | 6,966,760 | ||||||||
89,151 | SUPERVALU, Inc. | 1,457,619 | ||||||||
173,498 | Wal-Mart Stores, Inc. | 8,744,299 | ||||||||
17,168,678 | ||||||||||
Food Products – 2.6% | ||||||||||
223,773 | Archer-Daniels-Midland Co. | 5,509,291 | ||||||||
122,100 | Bunge Ltd.(a) | 5,862,021 | ||||||||
84,311 | Campbell Soup Co. | 2,168,479 | ||||||||
31,624 | Dean Foods Co.* | 654,617 | ||||||||
77,952 | Hormel Foods Corp.(a) | 2,439,118 | ||||||||
23,663 | Smithfield Foods, Inc.* | 204,448 | ||||||||
36,417 | The Hershey Co. | 1,316,111 | ||||||||
291,741 | Tyson Foods, Inc. | 3,074,950 | ||||||||
21,229,035 | ||||||||||
Health Care Equipment & Supplies* – 0.6% | ||||||||||
270,563 | Boston Scientific Corp. | 2,275,435 | ||||||||
11,352 | Gen-Probe, Inc. | 546,712 | ||||||||
127,670 | Hologic, Inc. | 1,897,176 | ||||||||
4,719,323 | ||||||||||
Health Care Providers & Services – 1.3% | ||||||||||
153,756 | Coventry Health Care, Inc.* | 2,446,258 | ||||||||
145,200 | Humana, Inc.* | 4,178,856 | ||||||||
38,506 | McKesson Corp. | 1,424,722 | ||||||||
60,557 | UnitedHealth Group, Inc. | 1,424,300 | ||||||||
27,451 | WellPoint, Inc.* | 1,173,805 | ||||||||
10,647,941 | ||||||||||
Health Care Technology*(a) – 0.5% | ||||||||||
23,174 | Cerner Corp. | 1,246,761 | ||||||||
275,849 | Hlth Corp. | 3,034,339 | ||||||||
4,281,100 | ||||||||||
Hotels, Restaurants & Leisure – 1.6% | ||||||||||
82,429 | Panera Bread Co.*(a) | 4,616,848 | ||||||||
182,505 | Wyndham Worldwide Corp. | 2,131,658 | ||||||||
192,293 | Yum! Brands, Inc. | 6,412,972 | ||||||||
13,161,478 | ||||||||||
Household Durables(a) – 0.5% | ||||||||||
224,555 | Harman International Industries, Inc. | 4,084,655 | ||||||||
Household Products – 1.5% | ||||||||||
99,311 | Colgate-Palmolive Co. | 5,859,349 | ||||||||
137,240 | The Procter & Gamble Co. | 6,785,146 | ||||||||
12,644,495 | ||||||||||
Independent Power Producers & Energy Traders* – 0.9% | ||||||||||
1,999,754 | Dynegy, Inc. | 3,559,562 | ||||||||
300,876 | Mirant Corp.(a) | 3,830,152 | ||||||||
7,389,714 | ||||||||||
Industrial Conglomerates – 2.1% | ||||||||||
1,378,955 | General Electric Co. | 17,443,781 | ||||||||
Insurance – 4.5% | ||||||||||
76,800 | Aflac, Inc. | 2,218,752 | ||||||||
1,797 | Alleghany Corp.* | 455,827 | ||||||||
73,976 | Arch Capital Group Ltd.* | 4,274,333 | ||||||||
12,539 | Axis Capital Holdings Ltd. | 308,961 | ||||||||
3 | Berkshire Hathaway, Inc.* | 282,000 | ||||||||
149,381 | Endurance Specialty Holdings Ltd.(a) | 3,907,807 | ||||||||
93,072 | First American Corp.(a) | 2,613,462 | ||||||||
144,370 | HCC Insurance Holdings, Inc.(a) | 3,453,330 | ||||||||
271,016 | Loews Corp. | 6,745,588 | ||||||||
17,083 | MetLife, Inc. | 508,219 | ||||||||
95,932 | Old Republic International Corp. | 898,883 | ||||||||
9,897 | The Chubb Corp. | 385,488 | ||||||||
93,943 | The Progressive Corp.* | 1,435,449 | ||||||||
178,993 | The Travelers Cos., Inc. | 7,363,772 | ||||||||
162,675 | Unum Group | 2,658,110 | ||||||||
37,509,981 | ||||||||||
Internet & Catalog Retail* – 0.1% | ||||||||||
159,664 | Liberty Media Corp. — Interactive | 846,219 | ||||||||
Internet Software & Services* – 0.0% | ||||||||||
19,857 | VeriSign, Inc. | 408,657 | ||||||||
IT Services – 1.2% | ||||||||||
341,788 | Accenture Ltd. | 10,058,821 | ||||||||
Life Sciences Tools & Services* – 0.3% | ||||||||||
72,898 | Thermo Fisher Scientific, Inc. | 2,557,262 | ||||||||
Machinery – 0.5% | ||||||||||
31,573 | AGCO Corp.*(b) | 767,224 | ||||||||
25,742 | Illinois Tool Works, Inc. | 844,338 | ||||||||
82,479 | The Toro Co.(a) | 2,505,712 | ||||||||
4,117,274 | ||||||||||
Media – 4.3% | ||||||||||
198,951 | CBS Corp. Class B | 1,400,615 | ||||||||
441,936 | Comcast Corp. | 6,832,331 | ||||||||
91,334 | Comcast Corp. Special Class A | 1,340,783 | ||||||||
154,297 | The Walt Disney Co. | 3,379,104 | ||||||||
325,523 | Time Warner Cable, Inc. | 10,491,606 | ||||||||
581,277 | Time Warner, Inc. | 12,689,277 | ||||||||
36,133,716 | ||||||||||
Metals & Mining – 1.0% | ||||||||||
30,131 | Allegheny Technologies, Inc. | 986,188 | ||||||||
40,170 | Commercial Metals Co. | 597,730 | ||||||||
140,870 | Reliance Steel & Aluminum Co. | 4,962,850 | ||||||||
24,531 | Schnitzer Steel Industries, Inc.(a) | 1,215,756 | ||||||||
GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Metals & Mining – (continued) | ||||||||||
35,272 | Titanium Metals Corp. | $ | 239,497 | |||||||
8,002,021 | ||||||||||
Multi-Utilities – 1.1% | ||||||||||
97,153 | Integrys Energy Group, Inc.(a) | 2,565,811 | ||||||||
36,540 | MDU Resources Group, Inc. | 642,008 | ||||||||
275,862 | NiSource, Inc. | 3,031,723 | ||||||||
48,795 | OGE Energy Corp. | 1,254,520 | ||||||||
12,570 | SCANA Corp. | 379,865 | ||||||||
59,519 | Vectren Corp. | 1,319,536 | ||||||||
9,193,463 | ||||||||||
Multiline Retail – 1.2% | ||||||||||
52,931 | Dollar Tree, Inc.* | 2,241,098 | ||||||||
239,751 | Family Dollar Stores, Inc. | 7,957,336 | ||||||||
10,198,434 | ||||||||||
Oil, Gas & Consumable Fuels – 17.8% | ||||||||||
92,655 | Apache Corp. | 6,750,844 | ||||||||
438,202 | Chevron Corp. | 28,965,152 | ||||||||
27,327 | Cimarex Energy Co. | 735,096 | ||||||||
327,277 | ConocoPhillips | 13,418,357 | ||||||||
178,027 | Devon Energy Corp. | 9,230,700 | ||||||||
854,772 | Exxon Mobil Corp. | 56,987,649 | ||||||||
115,906 | Frontier Oil Corp. | 1,473,165 | ||||||||
54,644 | Murphy Oil Corp. | 2,607,065 | ||||||||
37,617 | Occidental Petroleum Corp. | 2,117,461 | ||||||||
36,538 | St. Mary Land & Exploration Co.(a) | 652,934 | ||||||||
144,629 | Sunoco, Inc. | 3,834,115 | ||||||||
426,488 | Tesoro Corp.(a) | 6,503,942 | ||||||||
714,590 | Valero Energy Corp. | 14,177,466 | ||||||||
147,453,946 | ||||||||||
Pharmaceuticals – 7.3% | ||||||||||
468,886 | Eli Lilly & Co. | 15,435,727 | ||||||||
79,507 | Forest Laboratories, Inc.* | 1,724,507 | ||||||||
251,152 | Johnson & Johnson | 13,150,319 | ||||||||
329,465 | King Pharmaceuticals, Inc.* | 2,596,184 | ||||||||
286,848 | Merck & Co., Inc. | 6,953,196 | ||||||||
1,129,123 | Pfizer, Inc.(a) | 15,085,083 | ||||||||
117,974 | Schering-Plough Corp. | 2,715,762 | ||||||||
77,091 | Wyeth | 3,268,658 | ||||||||
60,929,436 | ||||||||||
Professional Services – 0.9% | ||||||||||
141,374 | Manpower, Inc. | 6,091,806 | ||||||||
40,751 | Robert Half International, Inc.(a) | 978,839 | ||||||||
7,070,645 | ||||||||||
Real Estate Investment Trusts – 2.4% | ||||||||||
8,618 | Digital Realty Trust, Inc. | 310,334 | ||||||||
26,332 | Equity Residential | 602,740 | ||||||||
37,682 | Federal Realty Investment Trust(a) | 2,080,046 | ||||||||
92,014 | Liberty Property Trust(a) | 2,239,621 | ||||||||
181,333 | Nationwide Health Properties, Inc.(a) | 4,477,112 | ||||||||
81,464 | Plum Creek Timber Co., Inc.(a) | 2,812,137 | ||||||||
49,298 | Rayonier, Inc. | 1,903,889 | ||||||||
97,671 | Regency Centers Corp.(a) | 3,657,779 | ||||||||
108,364 | SL Green Realty Corp.(a) | 1,913,708 | ||||||||
19,997,366 | ||||||||||
Road & Rail(a) – 0.8% | ||||||||||
242,643 | J.B. Hunt Transportation Services, Inc. | 6,823,121 | ||||||||
Semiconductors & Semiconductor Equipment* – 0.8% | ||||||||||
178,317 | Broadcom Corp. | 4,135,171 | ||||||||
161,040 | Cypress Semiconductor Corp.(a) | 1,277,047 | ||||||||
10,091 | Fairchild Semiconductor International, Inc. | 62,161 | ||||||||
149,492 | Integrated Device Technology, Inc. | 811,742 | ||||||||
6,286,121 | ||||||||||
Software – 0.3% | ||||||||||
19,916 | Adobe Systems, Inc.* | 544,703 | ||||||||
85,029 | Microsoft Corp. | 1,722,687 | ||||||||
17,805 | Symantec Corp.* | 307,136 | ||||||||
2,574,526 | ||||||||||
Specialty Retail – 2.3% | ||||||||||
51,547 | Barnes & Noble, Inc. | 1,346,408 | ||||||||
336,403 | PetSmart, Inc. | 7,696,901 | ||||||||
165,677 | Ross Stores, Inc. | 6,285,785 | ||||||||
44,911 | Signet Jewelers Ltd. | 712,737 | ||||||||
96,192 | The TJX Cos., Inc. | 2,690,490 | ||||||||
18,732,321 | ||||||||||
Textiles, Apparel & Luxury Goods – 0.1% | ||||||||||
56,919 | Jones Apparel Group, Inc. | 525,932 | ||||||||
Thrifts & Mortgage Finance – 0.1% | ||||||||||
65,489 | Hudson City Bancorp, Inc. | 822,542 | ||||||||
Tobacco – 1.8% | ||||||||||
243,442 | Lorillard, Inc. | 15,368,493 | ||||||||
Water Utilities – 0.1% | ||||||||||
43,930 | American Water Works Co., Inc. | 790,740 | ||||||||
Wireless Telecommunication Services – 1.1% | ||||||||||
15,716 | Leap Wireless International, Inc.* | 566,876 | ||||||||
32,163 | NII Holdings, Inc.* | 519,754 | ||||||||
1,663,955 | Sprint Nextel Corp.*(a) | 7,254,844 | ||||||||
13,491 | Telephone & Data Systems, Inc. | 386,787 | ||||||||
2,025 | United States Cellular Corp.* | 68,850 | ||||||||
8,797,111 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $928,376,364) | $ | 812,818,050 | ||||||||
GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement(c) – 2.5% | ||||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||||
$ | 21,100,000 | 0.176 | % | 05/01/09 | $ | 21,100,000 | ||||||||||
Maturity Value: $21,100,103 | ||||||||||||||||
(Cost $21,100,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||||||
(Cost $949,476,364) | $ | 833,918,050 | ||||||||||||||
Shares | Rate | Value | ||||||||||
Securities Lending Reinvestment Vehicle(d)(e) – 13.9% | ||||||||||||
Boston Global Investment Trust – Enhanced Portfolio II | ||||||||||||
116,637,925 | 0.456 | % | $ | 115,354,908 | ||||||||
(Cost $114,624,611) | ||||||||||||
TOTAL INVESTMENTS – 114.3% | ||||||||||||
(Cost $1,064,100,975) | $ | 949,272,958 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (14.3)% | (118,615,588 | ) | ||||||||||
NET ASSETS – 100.0% | $ | 830,657,370 | ||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security. | |
(a) | All or portion of security is on loan. | |
(b) | A portion of security is segregated as collateral for initial margin requirements on futures transactions. | |
(c) | Joint repurchase agreement was entered into on April 30, 2009. Additional information appears on page 87. | |
(d) | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009. | |
(e) | Represents an affiliated issuer. |
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACT — At April 30, 2009, the following futures contract was open:
Number of | Settlement | Notional | Unrealized | |||||||||||
Type | Contracts Long | Month | Value | Gain | ||||||||||
S&P Mini 500 Index | 467 | June 2009 | $ | 20,314,500 | $ | 1,363,510 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – 97.8% | ||||||||||
Aerospace & Defense – 1.2% | ||||||||||
37,636 | AAR Corp.*(a) | $ | 567,175 | |||||||
10,911 | American Science and Engineering, Inc. | 657,497 | ||||||||
31,782 | Applied Signal Technology, Inc. | 628,012 | ||||||||
54,724 | Ceradyne, Inc.* | 943,442 | ||||||||
69,726 | DynCorp International, Inc.* | 1,063,322 | ||||||||
32,721 | Esterline Technologies Corp.* | 862,198 | ||||||||
371,163 | Taser International, Inc.* | 1,781,582 | ||||||||
6,503,228 | ||||||||||
Air Freight & Logistics – 0.3% | ||||||||||
117,624 | Pacer International, Inc. | 498,726 | ||||||||
83,351 | UTI Worldwide, Inc. | 1,121,904 | ||||||||
1,620,630 | ||||||||||
Airlines – 0.2% | ||||||||||
103,010 | SkyWest, Inc. | 1,240,240 | ||||||||
Auto Components – 0.5% | ||||||||||
29,960 | Autoliv, Inc. | 739,113 | ||||||||
77,878 | Exide Technologies* | 422,878 | ||||||||
31,186 | Federal-Mogul Corp.* | 346,165 | ||||||||
45,092 | Modine Manufacturing Co. | 172,251 | ||||||||
19,411 | Standard Motor Products, Inc. | 77,644 | ||||||||
29,783 | Stoneridge, Inc.* | 68,799 | ||||||||
43,906 | Superior Industries International, Inc. | 662,102 | ||||||||
2,488,952 | ||||||||||
Beverages* – 0.6% | ||||||||||
60,123 | Hansen Natural Corp. | 2,450,614 | ||||||||
77,460 | National Beverage Corp. | 815,654 | ||||||||
1,042 | The Boston Beer Co., Inc. | 27,717 | ||||||||
3,293,985 | ||||||||||
Biotechnology – 5.1% | ||||||||||
21,107 | Affymax, Inc.* | 374,438 | ||||||||
283,048 | Alkermes, Inc.* | 2,165,317 | ||||||||
756,263 | Cell Genesys, Inc.* | 423,507 | ||||||||
51,834 | Cepheid, Inc.* | 502,790 | ||||||||
107,160 | Cubist Pharmaceuticals, Inc.* | 1,778,856 | ||||||||
61,447 | Emergent Biosolutions, Inc.* | 658,097 | ||||||||
295,238 | Enzon Pharmaceuticals, Inc.*(a) | 1,697,619 | ||||||||
278,947 | Facet Biotech Corp.* | 2,608,155 | ||||||||
51,114 | Genomic Health, Inc.* | 1,150,065 | ||||||||
37,113 | Idera Pharmaceuticals, Inc.* | 223,049 | ||||||||
91,790 | ImmunoGen, Inc.* | 637,941 | ||||||||
169,942 | Immunomedics, Inc.*(a) | 197,133 | ||||||||
106,174 | Isis Pharmaceuticals, Inc.*(a) | 1,664,808 | ||||||||
163,172 | Lexicon Pharmaceuticals, Inc.* | 179,489 | ||||||||
77,480 | Martek Biosciences Corp.* | 1,411,686 | ||||||||
283,891 | Maxygen, Inc.* | 1,660,762 | ||||||||
26,984 | Medivation, Inc.*(a) | 521,601 | ||||||||
113,157 | Molecular Insight Pharmaceuticals, Inc.*(a) | 420,944 | ||||||||
614,934 | Nabi Biopharmaceuticals*(a) | 2,115,373 | ||||||||
427,825 | PDL BioPharma, Inc. | 3,058,949 | ||||||||
196,923 | Progenics Pharmaceuticals, Inc.*(a) | 1,079,138 | ||||||||
130,167 | Regeneron Pharmaceuticals, Inc.* | 1,726,014 | ||||||||
209,224 | Synta Pharmaceuticals Corp.*(a) | 679,978 | ||||||||
716,902 | XOMA Ltd.* | 387,127 | ||||||||
27,322,836 | ||||||||||
Building Products – 0.7% | ||||||||||
41,467 | American Woodmark Corp. | 858,367 | ||||||||
66,867 | Apogee Enterprises, Inc. | 896,018 | ||||||||
21,787 | Armstrong World Industries, Inc.* | 396,088 | ||||||||
34,159 | Builders FirstSource, Inc.*(a) | 113,066 | ||||||||
59,165 | Gibraltar Industries, Inc. | 396,405 | ||||||||
3,677 | Insteel Industries, Inc. | 27,394 | ||||||||
5,249 | Quanex Building Products Corp. | 53,802 | ||||||||
29,077 | Universal Forest Products, Inc. | 975,824 | ||||||||
3,716,964 | ||||||||||
Capital Markets – 2.5% | ||||||||||
443,633 | Apollo Investment Corp. | 2,129,438 | ||||||||
2,970 | Capital Southwest Corp. | 230,947 | ||||||||
24,903 | Cohen & Steers, Inc.(a) | 366,572 | ||||||||
60,320 | Eaton Vance Corp. | 1,650,958 | ||||||||
23,030 | Federated Investors, Inc. Class B | 526,926 | ||||||||
31,798 | GAMCO Investors, Inc. | 1,594,670 | ||||||||
135,879 | Knight Capital Group, Inc.*(a) | 2,104,766 | ||||||||
37,596 | MF Global Ltd.*(a) | 229,336 | ||||||||
32,526 | NGP Capital Resources Co. | 228,333 | ||||||||
35,220 | Penson Worldwide, Inc.* | 357,131 | ||||||||
21,935 | Piper Jaffray Cos., Inc.* | 760,486 | ||||||||
231,459 | SEI Investments Co. | 3,247,370 | ||||||||
13,426,933 | ||||||||||
Chemicals – 1.4% | ||||||||||
43,480 | A. Schulman, Inc. | 682,201 | ||||||||
15,150 | American Vanguard Corp.(a) | 193,768 | ||||||||
96,460 | Huntsman Corp. | 517,026 | ||||||||
25,929 | Innospec, Inc. | 203,802 | ||||||||
27,353 | Minerals Technologies, Inc.(a) | 1,017,258 | ||||||||
78,528 | Rockwood Holdings, Inc.* | 965,894 | ||||||||
193,629 | Spartech Corp. | 760,962 | ||||||||
156,541 | Westlake Chemical Corp.(a) | 2,927,317 | ||||||||
7,268,228 | ||||||||||
Commercial Banks – 5.3% | ||||||||||
21,572 | 1st Source Corp. | 423,674 | ||||||||
92,614 | Associated Banc-Corp.(a) | 1,432,739 | ||||||||
97,351 | BancorpSouth, Inc. | 2,263,411 | ||||||||
38,306 | BancTrust Financial Group, Inc.(a) | 252,053 | ||||||||
175,824 | Cathay General Bancorp(a) | 1,972,745 | ||||||||
91,131 | Central Pacific Financial Corp. | 534,028 | ||||||||
18,256 | Cullen/Frost Bankers, Inc. | 859,675 | ||||||||
233,675 | CVB Financial Corp.(a) | 1,404,387 | ||||||||
380,130 | First Bancorp(a) | 2,094,516 | ||||||||
24,780 | FirstMerit Corp. | 480,980 | ||||||||
65,922 | Heritage Commerce Corp. | 532,650 | ||||||||
272,089 | International Bancshares Corp.(a) | 3,675,922 | ||||||||
15,156 | Lakeland Financial Corp. | 284,478 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Commercial Banks – (continued) | ||||||||||
89,306 | Pinnacle Financial Partners, Inc.*(a) | $ | 1,593,219 | |||||||
70,763 | Renasant Corp. | 997,758 | ||||||||
19,838 | Republic Bancorp, Inc. | 441,197 | ||||||||
247,790 | Sterling Bancshares, Inc. | 1,647,804 | ||||||||
313,891 | Susquehanna Bancshares, Inc.(a) | 2,529,961 | ||||||||
10,159 | TriCo Bancshares | 162,544 | ||||||||
60,206 | Trustmark Corp. | 1,308,878 | ||||||||
29,028 | Umpqua Holdings Corp.(a) | 278,379 | ||||||||
55,806 | Whitney Holding Corp.(a) | 667,440 | ||||||||
180,947 | Wilshire Bancorp, Inc. | 731,026 | ||||||||
120,413 | Wintrust Financial Corp. | 2,047,021 | ||||||||
28,616,485 | ||||||||||
Commercial Services & Supplies – 1.5% | ||||||||||
128,917 | Acco Brands Corp.* | 269,437 | ||||||||
34,215 | AMREP Corp.*(a) | 636,057 | ||||||||
21,960 | ATC Technology Corp.* | 348,944 | ||||||||
108,029 | Comfort Systems USA, Inc. | 1,165,633 | ||||||||
88,104 | HNI Corp.(a) | 1,365,612 | ||||||||
72,439 | ICT Group, Inc.* | 512,868 | ||||||||
117,464 | Kimball International, Inc. Class B | 644,877 | ||||||||
60,381 | Knoll, Inc. | 427,498 | ||||||||
23,458 | Sykes Enterprises, Inc.* | 461,184 | ||||||||
128,823 | The Standard Register Co. | 672,456 | ||||||||
55,510 | United Stationers, Inc.* | 1,816,842 | ||||||||
8,321,408 | ||||||||||
Communications Equipment – 3.2% | ||||||||||
388,105 | 3Com Corp.* | 1,571,825 | ||||||||
146,330 | Acme Packet, Inc.* | 1,128,204 | ||||||||
32,656 | ADC Telecommunications, Inc.* | 240,348 | ||||||||
34,033 | Airvana, Inc.* | 193,648 | ||||||||
252,881 | Arris Group, Inc.* | 2,698,240 | ||||||||
19,675 | Aruba Networks, Inc.* | 92,276 | ||||||||
127,317 | BigBand Networks* | 746,078 | ||||||||
79,183 | Emulex Corp.* | 829,046 | ||||||||
127,377 | Extreme Networks, Inc.* | 224,184 | ||||||||
55,790 | Harris Stratex Networks, Inc.* | 224,276 | ||||||||
6,533 | Ixia* | 37,630 | ||||||||
30,722 | Network Equipment Technologies, Inc.* | 120,737 | ||||||||
603,718 | Oclaro, Inc.* | 597,681 | ||||||||
57,010 | Plantronics, Inc. | 726,307 | ||||||||
70,485 | Polycom, Inc.* | 1,313,840 | ||||||||
51,528 | SeaChange International, Inc.* | 323,081 | ||||||||
93,593 | ShoreTel, Inc.* | 467,029 | ||||||||
104,583 | Starent Networks Corp.*(a) | 2,063,423 | ||||||||
223,948 | Symmetricom, Inc.* | 1,115,261 | ||||||||
316,546 | Tellabs, Inc.* | 1,658,701 | ||||||||
96,118 | Tollgrade Communications, Inc.* | 571,902 | ||||||||
16,943,717 | ||||||||||
Computers & Peripherals – 1.3% | ||||||||||
146,554 | Avid Technology, Inc.* | 1,622,353 | ||||||||
102,998 | Cray, Inc.* | 432,592 | ||||||||
72,328 | Electronics for Imaging, Inc.* | 710,261 | ||||||||
147,744 | Imation Corp.(a) | 1,477,440 | ||||||||
157,505 | Novatel Wireless, Inc.* | 1,078,909 | ||||||||
737,957 | Quantum Corp.* | 774,855 | ||||||||
19,164 | STEC, Inc.* | 183,974 | ||||||||
29,144 | Synaptics, Inc.*(a) | 946,597 | ||||||||
7,226,981 | ||||||||||
Construction & Engineering – 0.9% | ||||||||||
122,770 | Dycom Industries, Inc.* | 1,033,724 | ||||||||
27,386 | EMCOR Group, Inc.* | 569,355 | ||||||||
69,902 | Granite Construction, Inc.(a) | 2,757,634 | ||||||||
29,807 | Integrated Electrical Services, Inc.* | 286,445 | ||||||||
4,647,158 | ||||||||||
Consumer Finance – 0.5% | ||||||||||
352,612 | Advance America Cash Advance Centers, Inc. | 1,410,448 | ||||||||
36,198 | Cash America International, Inc. | 809,387 | ||||||||
18,473 | World Acceptance Corp.*(a) | 548,279 | ||||||||
2,768,114 | ||||||||||
Containers & Packaging – 0.1% | ||||||||||
2,630 | AEP Industries, Inc.* | 53,468 | ||||||||
7,477 | Ball Corp. | 282,033 | ||||||||
40,813 | Myers Industries, Inc. | 409,354 | ||||||||
744,855 | ||||||||||
Distributors* – 0.2% | ||||||||||
48,929 | Core-Mark Holding Co., Inc. | 937,969 | ||||||||
Diversified Financial Services – 0.7% | ||||||||||
193,845 | Compass Diversified Holdings | 1,732,974 | ||||||||
72,050 | Financial Federal Corp. | 1,773,150 | ||||||||
41,388 | Primus Guaranty Ltd.* | 84,432 | ||||||||
3,590,556 | ||||||||||
Diversified Telecommunication Services – 1.7% | ||||||||||
111,373 | Cbeyond, Inc.*(a) | 2,269,782 | ||||||||
36,853 | General Communication, Inc.* | 282,294 | ||||||||
116,235 | Global Crossing Ltd.* | 843,866 | ||||||||
152,567 | IDT Corp. Class B* | 207,491 | ||||||||
65,397 | Iowa Telecommunications Services, Inc.(a) | 861,932 | ||||||||
43,972 | NTELOS Holdings Corp. | 702,673 | ||||||||
644,026 | PAETEC Holding Corp.* | 1,977,160 | ||||||||
125,691 | Premiere Global Services, Inc.* | 1,324,783 | ||||||||
58,229 | tw telecom, inc.* | 535,124 | ||||||||
9,005,105 | ||||||||||
Electric Utilities – 0.5% | ||||||||||
38,111 | Portland General Electric Co. | 696,288 | ||||||||
83,126 | Unisource Energy Corp. | 2,187,876 | ||||||||
2,884,164 | ||||||||||
Electrical Equipment – 2.5% | ||||||||||
43,447 | A.O. Smith Corp. | 1,350,767 | ||||||||
84,360 | Acuity Brands, Inc.(a) | 2,424,506 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Electrical Equipment – (continued) | ||||||||||
75,644 | Baldor Electric Co.(a) | $ | 1,754,941 | |||||||
116,707 | Belden, Inc. | 1,881,317 | ||||||||
21,389 | C&D Technologies, Inc.*(a) | 46,842 | ||||||||
76,140 | Encore Wire Corp. | 1,662,898 | ||||||||
24,607 | Fushi Copperweld, Inc.* | 125,004 | ||||||||
231,300 | LSI Industries, Inc. | 1,297,593 | ||||||||
5,127 | Powell Industries, Inc.* | 184,521 | ||||||||
289,195 | Power-One, Inc.* | 349,926 | ||||||||
46,298 | Vicor Corp. | 248,620 | ||||||||
108,570 | Woodward Governor Co. | 2,167,057 | ||||||||
13,493,992 | ||||||||||
Electronic Equipment, Instruments & Components* – 1.7% | ||||||||||
12,907 | Arrow Electronics, Inc. | 293,505 | ||||||||
26,185 | Avnet, Inc. | 573,190 | ||||||||
132,349 | Benchmark Electronics, Inc. | 1,605,393 | ||||||||
351,242 | Brightpoint, Inc.(a) | 1,829,971 | ||||||||
189,815 | Ingram Micro, Inc. | 2,756,114 | ||||||||
42,435 | Insight Enterprises, Inc. | 242,728 | ||||||||
55,396 | Tech Data Corp. | 1,594,851 | ||||||||
8,895,752 | ||||||||||
Energy Equipment & Services – 0.8% | ||||||||||
6,798 | Cal Dive International, Inc.* | 53,840 | ||||||||
45,318 | CARBO Ceramics, Inc.(a) | 1,391,716 | ||||||||
47,009 | Exterran Holdings, Inc.*(a) | 970,736 | ||||||||
16,721 | SEACOR Holdings, Inc.* | 1,098,904 | ||||||||
6,408 | Union Drilling, Inc.* | 38,384 | ||||||||
53,402 | Willbros Group, Inc.* | 611,987 | ||||||||
4,165,567 | ||||||||||
Food & Staples Retailing – 1.4% | ||||||||||
84,705 | Casey’s General Stores, Inc. | 2,254,000 | ||||||||
60,555 | Ingles Markets, Inc. | 945,264 | ||||||||
24,130 | Susser Holdings Corp.* | 348,678 | ||||||||
53,384 | The Great Atlantic & Pacific Tea Co., Inc.*(a) | 391,839 | ||||||||
62,815 | The Pantry, Inc.* | 1,483,690 | ||||||||
33,197 | Weis Markets, Inc. | 1,227,957 | ||||||||
98,828 | Winn-Dixie Stores, Inc.* | 1,132,569 | ||||||||
7,783,997 | ||||||||||
Food Products – 1.6% | ||||||||||
27,504 | Calavo Growers, Inc. | 390,832 | ||||||||
64,872 | Darling International, Inc.* | 371,068 | ||||||||
148,013 | Imperial Sugar Co.(a) | 969,485 | ||||||||
57,514 | J&J Snack Foods Corp. | 2,229,243 | ||||||||
14,478 | Lancaster Colony Corp. | 634,136 | ||||||||
53,022 | Lance, Inc. | 1,227,990 | ||||||||
172,502 | Reddy Ice Holdings, Inc. | 388,129 | ||||||||
58,266 | Sanderson Farms, Inc.(a) | 2,324,813 | ||||||||
8,535,696 | ||||||||||
Gas Utilities – 0.3% | ||||||||||
36,732 | New Jersey Resources Corp. | 1,209,217 | ||||||||
10,514 | Southwest Gas Corp. | 212,488 | ||||||||
1,421,705 | ||||||||||
Health Care Equipment & Supplies – 2.1% | ||||||||||
23,406 | Abaxis, Inc.*(a) | 353,899 | ||||||||
52,745 | AngioDynamics, Inc.* | 668,279 | ||||||||
2,859 | Atrion Corp. | 256,052 | ||||||||
26,374 | Beckman Coulter, Inc. | 1,386,217 | ||||||||
44,775 | Cantel Medical Corp.* | 632,671 | ||||||||
31,587 | CONMED Corp.* | 420,739 | ||||||||
70,536 | ev3, Inc.*(a) | 589,681 | ||||||||
16,141 | Gen-Probe, Inc.* | 777,351 | ||||||||
102,485 | Hologic, Inc.* | 1,522,927 | ||||||||
85,189 | Invacare Corp.(a) | 1,311,059 | ||||||||
18,073 | IRIS International, Inc.* | 201,875 | ||||||||
24,023 | Masimo Corp.* | 694,265 | ||||||||
112,605 | Medical Action Industries, Inc.* | 1,092,268 | ||||||||
91,099 | Osteotech, Inc.* | 347,998 | ||||||||
89,933 | Palomar Medical Technologies, Inc.* | 774,323 | ||||||||
60,413 | Theragenics Corp.* | 74,912 | ||||||||
11,104,516 | ||||||||||
Health Care Providers & Services* – 3.0% | ||||||||||
45,559 | AMERIGROUP Corp. | 1,360,847 | ||||||||
135,356 | AMN Healthcare Services, Inc. | 932,603 | ||||||||
71,612 | Assisted Living Concepts, Inc. | 1,420,066 | ||||||||
47,388 | Centene Corp. | 870,517 | ||||||||
4,595 | Cross Country Healthcare, Inc. | 40,482 | ||||||||
84,184 | Healthspring, Inc. | 777,018 | ||||||||
133,886 | Kindred Healthcare, Inc. | 1,743,196 | ||||||||
124,864 | MedCath Corp. | 1,263,624 | ||||||||
57,968 | Molina Healthcare, Inc.(a) | 1,255,007 | ||||||||
301,400 | Nighthawk Radiology Holdings, Inc. | 1,075,998 | ||||||||
198,823 | PharMerica Corp.(a) | 3,628,520 | ||||||||
14,988 | RehabCare Group, Inc. | 250,300 | ||||||||
1,680 | Res-Care, Inc. | 26,914 | ||||||||
6,181 | Skilled Healthcare Group, Inc. | 53,960 | ||||||||
145,634 | Universal American Financial Corp. | 1,504,399 | ||||||||
16,203,451 | ||||||||||
Health Care Technology(a) – 1.2% | ||||||||||
91,403 | Computer Programs and Systems, Inc. | 3,198,191 | ||||||||
272,419 | Hlth Corp.* | 2,996,609 | ||||||||
6,194,800 | ||||||||||
Hotels, Restaurants & Leisure – 5.3% | ||||||||||
53,641 | Buffalo Wild Wings, Inc.*(a) | 2,094,145 | ||||||||
49,002 | California Pizza Kitchen, Inc.* | 769,822 | ||||||||
51,828 | CEC Entertainment, Inc.* | 1,578,681 | ||||||||
148,995 | CKE Restaurants, Inc. | 1,425,882 | ||||||||
43,800 | Cracker Barrel Old Country Store, Inc.(a) | 1,428,318 | ||||||||
45,744 | Domino’s Pizza, Inc.* | 431,823 | ||||||||
23,702 | Einstein Noah Restaurant Group, Inc.* | 255,745 | ||||||||
44,539 | Jack in the Box, Inc.* | 1,095,214 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Hotels, Restaurants & Leisure – (continued) | ||||||||||
111,374 | Landry’s Restaurants, Inc.*(a) | $ | 1,017,958 | |||||||
3,016 | Lodgian, Inc.* | 7,751 | ||||||||
342,758 | O’Charley’s, Inc. | 2,389,023 | ||||||||
63,948 | P.F. Chang’s China Bistro, Inc.*(a) | 1,929,951 | ||||||||
84,082 | Panera Bread Co.*(a) | 4,709,433 | ||||||||
154,683 | Papa John’s International, Inc.* | 4,105,287 | ||||||||
19,729 | Peet’s Coffee & Tea, Inc.* | 538,207 | ||||||||
24,936 | Red Robin Gourmet Burgers, Inc.* | 612,179 | ||||||||
82,531 | Ruby Tuesday, Inc.* | 633,838 | ||||||||
42,630 | The Cheesecake Factory, Inc.* | 740,483 | ||||||||
222,404 | The Steak n Shake Co.* | 2,570,990 | ||||||||
27,609 | Wyndham Worldwide Corp. | 322,473 | ||||||||
28,657,203 | ||||||||||
Household Durables – 1.0% | ||||||||||
157,357 | American Greetings Corp. | 1,235,252 | ||||||||
47,972 | Blyth, Inc. | 2,114,606 | ||||||||
10,904 | CSS Industries, Inc. | 216,553 | ||||||||
66,341 | Harman International Industries, Inc. | 1,206,743 | ||||||||
36,809 | Tempur-Pedic International, Inc. | 473,364 | ||||||||
5,246,518 | ||||||||||
Household Products* – 0.8% | ||||||||||
475,213 | Central Garden & Pet Co. | 4,310,182 | ||||||||
Insurance – 2.8% | ||||||||||
39,537 | American Equity Investment Life Holding Co.(a) | 222,593 | ||||||||
41,729 | American Safety Insurance Holdings Ltd.* | 474,876 | ||||||||
83,292 | Aspen Insurance Holdings Ltd. | 1,964,026 | ||||||||
37,949 | CNA Surety Corp.* | 730,518 | ||||||||
39,664 | Crawford & Co. Class B*(a) | 236,001 | ||||||||
17,429 | eHealth, Inc.* | 334,463 | ||||||||
44,700 | Employers Holdings, Inc. | 372,798 | ||||||||
18,392 | First American Corp. | 516,447 | ||||||||
11,567 | FPIC Insurance Group, Inc.* | 353,256 | ||||||||
16,542 | HCC Insurance Holdings, Inc. | 395,685 | ||||||||
58,184 | Infinity Property & Casualty Corp. | 2,050,404 | ||||||||
34,909 | IPC Holdings Ltd. | 909,031 | ||||||||
141,755 | Maiden Holdings Ltd.(a) | 639,315 | ||||||||
117,367 | National Financial Partners Corp. | 828,611 | ||||||||
51,903 | Platinum Underwriters Holdings Ltd. | 1,493,249 | ||||||||
86,810 | PMA Capital Corp.* | 325,538 | ||||||||
11,078 | ProAssurance Corp.* | 486,767 | ||||||||
19,144 | Safety Insurance Group, Inc. | 632,709 | ||||||||
61,732 | Selective Insurance Group, Inc. | 911,164 | ||||||||
40,874 | Stewart Information Services Corp. | 924,161 | ||||||||
13,176 | Unitrin, Inc. | 223,992 | ||||||||
15,025,604 | ||||||||||
Internet & Catalog Retail – 0.7% | ||||||||||
4,595 | Blue Nile, Inc.* | 195,563 | ||||||||
46,744 | HSN, Inc.* | 323,001 | ||||||||
43,530 | Netflix, Inc.*(a) | 1,972,344 | ||||||||
28,225 | NutriSystem, Inc.(a) | 387,812 | ||||||||
47,237 | Overstock.com, Inc.*(a) | 636,755 | ||||||||
3,515,475 | ||||||||||
Internet Software & Services – 1.8% | ||||||||||
184,082 | Art Technology Group, Inc.* | 578,017 | ||||||||
29,727 | Chordiant Software, Inc.* | 95,126 | ||||||||
32,514 | DealerTrack Holdings, Inc.* | 493,563 | ||||||||
4,334 | Dice Holdings, Inc.* | 17,076 | ||||||||
274,161 | EarthLink, Inc.* | 2,078,140 | ||||||||
207,279 | Internap Network Services Corp.* | 576,236 | ||||||||
128,532 | Marchex, Inc. Class B | 580,965 | ||||||||
142,494 | ModusLink Global Solutions, Inc.* | 527,228 | ||||||||
432,788 | RealNetworks, Inc.* | 1,064,658 | ||||||||
17,833 | Sohu.com, Inc.*(a) | 929,991 | ||||||||
12,117 | TechTarget Inc.* | 48,589 | ||||||||
124,232 | United Online, Inc. | 658,430 | ||||||||
177,254 | ValueClick, Inc.* | 1,878,892 | ||||||||
24,963 | Vignette Corp.* | 206,194 | ||||||||
44,798 | Web.com Group, Inc.* | 186,360 | ||||||||
9,919,465 | ||||||||||
IT Services – 2.2% | ||||||||||
318,252 | Acxiom Corp. | 3,071,132 | ||||||||
476,660 | Ciber, Inc.* | 1,539,612 | ||||||||
76,390 | CSG Systems International, Inc.* | 1,107,655 | ||||||||
100,099 | Exlservice Holdings, Inc.* | 931,922 | ||||||||
68,516 | Genpact Ltd.* | 613,903 | ||||||||
32,328 | Gevity HR, Inc. | 128,019 | ||||||||
140,253 | Hackett Group, Inc.* | 315,569 | ||||||||
33,464 | NeuStar, Inc.*(a) | 636,151 | ||||||||
85,813 | RightNow Technologies, Inc.* | 647,888 | ||||||||
203,189 | Sapient Corp.* | 1,042,359 | ||||||||
56,646 | StarTek, Inc.* | 233,381 | ||||||||
35,948 | TeleTech Holdings, Inc.* | 477,030 | ||||||||
29,736 | TNS, Inc.* | 501,052 | ||||||||
52,107 | VeriFone Holdings, Inc.*(a) | 391,324 | ||||||||
11,636,997 | ||||||||||
Leisure Equipment & Products – 0.3% | ||||||||||
20,174 | Nautilus, Inc.* | 20,174 | ||||||||
47,889 | Polaris Industries, Inc.(a) | 1,601,887 | ||||||||
1,622,061 | ||||||||||
Life Sciences Tools & Services* – 1.1% | ||||||||||
173,552 | Accelrys, Inc. | 780,984 | ||||||||
93,854 | Albany Molecular Research, Inc. | 916,015 | ||||||||
13,451 | Bio-Rad Laboratories, Inc. | 937,400 | ||||||||
28,970 | Bruker Corp. | 190,623 | ||||||||
21,168 | Cambrex Corp. | 49,321 | ||||||||
22,571 | Dionex Corp. | 1,421,973 | ||||||||
43,322 | Varian, Inc. | 1,430,493 | ||||||||
5,726,809 | ||||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Machinery – 1.9% | ||||||||||
45,800 | AGCO Corp.*(b) | $ | 1,112,940 | |||||||
26,280 | Albany International Corp. | 243,878 | ||||||||
45,192 | Briggs & Stratton Corp. | 672,457 | ||||||||
29,322 | EnPro Industries, Inc.* | 467,979 | ||||||||
37,791 | Force Protection, Inc.* | 287,968 | ||||||||
4,184 | Kadant, Inc.* | 51,631 | ||||||||
15,672 | Lydall, Inc.* | 67,233 | ||||||||
34,894 | Mueller Industries, Inc. | 766,621 | ||||||||
56,833 | NACCO Industries, Inc. | 2,173,862 | ||||||||
2,259 | Tecumseh Products Co.* | 23,064 | ||||||||
125,845 | The Toro Co.(a) | 3,823,171 | ||||||||
6,739 | TriMas Corp.* | 16,848 | ||||||||
344,520 | Wabash National Corp. | 430,650 | ||||||||
10,138,302 | ||||||||||
Marine* – 0.1% | ||||||||||
158,243 | American Commercial Lines, Inc. | 788,050 | ||||||||
Media – 0.5% | ||||||||||
55,061 | CKX, Inc.* | 296,779 | ||||||||
177,043 | Cox Radio, Inc.*(a) | 849,806 | ||||||||
386,481 | Entercom Communications Corp.(a) | 641,558 | ||||||||
9,590 | Hearst-Argyle Television, Inc. | 43,155 | ||||||||
189,460 | Live Nation, Inc.* | 740,789 | ||||||||
2,572,087 | ||||||||||
Metals & Mining – 2.0% | ||||||||||
37,471 | A.M. Castle & Co. | 363,094 | ||||||||
94,640 | Brush Engineered Materials, Inc.* | 1,601,309 | ||||||||
35,627 | China Precision Steel, Inc.* | 55,578 | ||||||||
100,023 | Compass Minerals International, Inc.(a) | 4,823,109 | ||||||||
33,833 | Horsehead Holding Corp.* | 241,567 | ||||||||
63,374 | Kaiser Aluminum Corp. | 1,872,068 | ||||||||
4,827 | Reliance Steel & Aluminum Co. | 170,055 | ||||||||
70,227 | Sutor Technology Group Ltd.* | 158,011 | ||||||||
113,573 | Worthington Industries, Inc. | 1,692,238 | ||||||||
10,977,029 | ||||||||||
Multi-Utilities – 0.4% | ||||||||||
73,019 | Black Hills Corp.(a) | 1,451,618 | ||||||||
5,544 | CH Energy Group, Inc. | 246,375 | ||||||||
40,858 | PNM Resources, Inc. | 348,110 | ||||||||
10,851 | Vectren Corp. | 240,567 | ||||||||
2,286,670 | ||||||||||
Multiline Retail – 0.6% | ||||||||||
63,526 | 99 Cents Only Stores* | 682,269 | ||||||||
2,048 | Family Dollar Stores, Inc. | 67,973 | ||||||||
171,321 | Fred’s, Inc. | 2,340,245 | ||||||||
10,081 | Tuesday Morning Corp.* | 34,376 | ||||||||
3,124,863 | ||||||||||
Oil, Gas & Consumable Fuels – 4.7% | ||||||||||
24,635 | Alon USA Energy, Inc.(a) | 312,865 | ||||||||
101,875 | Berry Petroleum Co. | 1,678,900 | ||||||||
40,352 | Bill Barrett Corp.*(a) | 1,048,345 | ||||||||
46,029 | Cimarex Energy Co. | 1,238,180 | ||||||||
47,276 | Comstock Resources, Inc.* | 1,629,131 | ||||||||
157,194 | Delek US Holdings, Inc. | 1,614,382 | ||||||||
134,223 | EXCO Resources, Inc.* | 1,581,147 | ||||||||
87,391 | Frontier Oil Corp. | 1,110,740 | ||||||||
32,727 | Overseas Shipholding Group, Inc. | 939,592 | ||||||||
46,711 | PetroQuest Energy, Inc.* | 140,600 | ||||||||
146,850 | Rosetta Resources, Inc.* | 1,035,292 | ||||||||
71,095 | St. Mary Land & Exploration Co.(a) | 1,270,468 | ||||||||
39,530 | Swift Energy Co.* | 427,715 | ||||||||
20,122 | Teekay Corp. | 290,562 | ||||||||
63,451 | Teekay Tankers Ltd. | 765,219 | ||||||||
175,706 | Tesoro Corp.(a) | 2,679,516 | ||||||||
240,031 | VAALCO Energy, Inc.* | 1,144,948 | ||||||||
210,774 | Venoco, Inc.* | 921,082 | ||||||||
195,844 | Western Refining, Inc.*(a) | 2,465,676 | ||||||||
81,126 | World Fuel Services Corp.(a) | 3,093,334 | ||||||||
25,387,694 | ||||||||||
Paper & Forest Products – 0.2% | ||||||||||
113,947 | Buckeye Technologies, Inc.* | 586,827 | ||||||||
42,790 | Clearwater Paper Corp.* | 651,264 | ||||||||
13,693 | Louisiana-Pacific Corp. | 55,730 | ||||||||
1,293,821 | ||||||||||
Personal Products – 0.3% | ||||||||||
206,233 | Mannatech, Inc.(a) | 901,238 | ||||||||
97,800 | Prestige Brands Holdings, Inc.* | 631,788 | ||||||||
1,533,026 | ||||||||||
Pharmaceuticals* – 1.2% | ||||||||||
481,356 | DepoMed, Inc. | 1,001,221 | ||||||||
52,870 | King Pharmaceuticals, Inc. | 416,616 | ||||||||
1,758 | MAP Pharmaceuticals, Inc. | 4,958 | ||||||||
63,162 | Par Pharmaceutical Cos., Inc.(a) | 677,728 | ||||||||
452,265 | Questcor Pharmaceuticals, Inc.(a) | 2,035,193 | ||||||||
15,976 | Salix Pharmaceuticals Ltd. | 175,736 | ||||||||
26,227 | The Medicines Co. | 261,745 | ||||||||
91,644 | Valeant Pharmaceuticals International | 1,535,953 | ||||||||
65,886 | ViroPharma, Inc.(a) | 370,938 | ||||||||
6,480,088 | ||||||||||
Professional Services – 3.2% | ||||||||||
33,274 | Administaff, Inc. | 887,085 | ||||||||
35,247 | CDI Corp. | 421,202 | ||||||||
107,577 | Heidrick & Struggles International, Inc. | 1,818,051 | ||||||||
198,680 | Kelly Services, Inc. | 2,257,005 | ||||||||
154,367 | Kforce, Inc.* | 1,684,144 | ||||||||
16,179 | Korn/Ferry International* | 171,335 | ||||||||
431,086 | MPS Group, Inc.* | 3,465,931 | ||||||||
52,105 | Resources Connection, Inc.* | 1,018,653 | ||||||||
11,397 | School Specialty, Inc.* | 213,922 | ||||||||
734,964 | Spherion Corp.* | 2,638,521 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Professional Services – (continued) | ||||||||||
86,763 | TrueBlue, Inc.* | $ | 842,469 | |||||||
219,845 | Volt Information Sciences, Inc.* | 1,578,487 | ||||||||
16,996,805 | ||||||||||
Real Estate Investment Trusts – 5.3% | ||||||||||
18,128 | Associated Estates Realty Corp. | 100,610 | ||||||||
65,993 | Brandywine Realty Trust | 408,497 | ||||||||
63,574 | BRE Properties, Inc. | 1,562,013 | ||||||||
7,595 | Digital Realty Trust, Inc. | 273,496 | ||||||||
20,653 | Federal Realty Investment Trust(a) | 1,140,046 | ||||||||
231,211 | Franklin Street Properties Corp.(a) | 3,086,667 | ||||||||
14,769 | Highwoods Properties, Inc. | 354,308 | ||||||||
29,242 | LaSalle Hotel Properties | 349,734 | ||||||||
82,509 | Liberty Property Trust | 2,008,269 | ||||||||
80,957 | LTC Properties, Inc. | 1,458,036 | ||||||||
61,514 | National Health Investors, Inc. | 1,649,805 | ||||||||
92,504 | Nationwide Health Properties, Inc.(a) | 2,283,924 | ||||||||
92,918 | OMEGA Healthcare Investors, Inc. | 1,460,671 | ||||||||
64,690 | Rayonier, Inc. | 2,498,328 | ||||||||
213,651 | Realty Income Corp.(a) | 4,770,827 | ||||||||
58,000 | Regency Centers Corp.(b) | 2,172,100 | ||||||||
152,688 | Senior Housing Properties Trust | 2,502,556 | ||||||||
7,736 | Universal Health Realty Income Trust | 247,707 | ||||||||
28,327,594 | ||||||||||
Road & Rail – 1.6% | ||||||||||
18,596 | Arkansas Best Corp.(a) | 429,196 | ||||||||
39,685 | Celadon Group, Inc.* | 271,445 | ||||||||
25,643 | J.B. Hunt Transportation Services, Inc.(a) | 721,081 | ||||||||
148,755 | Marten Transport Ltd.* | 3,085,179 | ||||||||
93,982 | Saia, Inc.* | 1,227,405 | ||||||||
30,946 | Universal Truckload Services, Inc. | 381,255 | ||||||||
153,743 | Werner Enterprises, Inc.(a) | 2,513,698 | ||||||||
8,629,259 | ||||||||||
Semiconductors & Semiconductor Equipment – 4.2% | ||||||||||
5,677 | Actel Corp.* | 70,224 | ||||||||
286,380 | Amkor Technology, Inc.* | 1,234,298 | ||||||||
262,693 | Applied Micro Circuits Corp.* | 1,431,677 | ||||||||
70,615 | Atmel Corp.* | 271,162 | ||||||||
11,610 | Cirrus Logic, Inc.* | 53,986 | ||||||||
67,219 | Cohu, Inc. | 656,057 | ||||||||
60,465 | Cypress Semiconductor Corp.* | 479,487 | ||||||||
114,801 | DSP Group, Inc.* | 722,098 | ||||||||
261,664 | Entegris, Inc.* | 387,263 | ||||||||
293,079 | Exar Corp.* | 1,802,436 | ||||||||
143,387 | Integrated Device Technology, Inc.* | 778,591 | ||||||||
32,377 | IXYS Corp. | 308,877 | ||||||||
863,321 | Lattice Semiconductor Corp.* | 1,502,179 | ||||||||
298,789 | LSI Corp.* | 1,147,350 | ||||||||
96,529 | Micrel, Inc. | 723,967 | ||||||||
286,779 | MIPS Technologies, Inc.* | 952,106 | ||||||||
16,934 | MKS Instruments, Inc.* | 265,017 | ||||||||
39,162 | Netlogic Microsystems, Inc.*(a) | 1,276,290 | ||||||||
20,996 | OmniVision Technologies, Inc.* | 199,672 | ||||||||
29,709 | Rudolph Technologies, Inc.* | 155,378 | ||||||||
112,268 | Semtech Corp.* | 1,618,905 | ||||||||
785,239 | Silicon Image, Inc.* | 2,135,850 | ||||||||
509,144 | Silicon Storage Technology, Inc.* | 941,916 | ||||||||
222,284 | SiRF Technology Holdings, Inc.* | 617,950 | ||||||||
21,592 | Standard Microsystems Corp.* | 342,449 | ||||||||
43,642 | Trident Microsystems, Inc.* | 59,790 | ||||||||
89,922 | Ultratech, Inc.* | 1,215,745 | ||||||||
115,154 | Zoran Corp.* | 1,029,477 | ||||||||
22,380,197 | ||||||||||
Software – 4.4% | ||||||||||
49,339 | ACI Worldwide, Inc.* | 852,084 | ||||||||
10,161 | Advent Software, Inc.*(b) | 337,752 | ||||||||
197,727 | ArcSight, Inc.* | 2,985,678 | ||||||||
90,677 | Blackbaud, Inc. | 1,380,104 | ||||||||
326,287 | Commvault Systems, Inc.*(a) | 4,062,273 | ||||||||
129,603 | i2 Technologies, Inc.*(a) | 1,156,059 | ||||||||
17,193 | Interactive Intelligence, Inc.* | 189,123 | ||||||||
39,919 | JDA Software Group, Inc.* | 563,257 | ||||||||
22,485 | Lawson Software, Inc.* | 121,194 | ||||||||
78,600 | Magma Design Automation, Inc.*(a) | 139,908 | ||||||||
114,452 | Manhattan Associates, Inc.* | 1,902,192 | ||||||||
179,626 | Mentor Graphics Corp.*(a) | 1,207,087 | ||||||||
31,593 | MicroStrategy, Inc.* | 1,229,284 | ||||||||
306,936 | OpenTV Corp.* | 451,196 | ||||||||
25,007 | Renaissance Learning, Inc.(a) | 240,067 | ||||||||
34,555 | SuccessFactors, Inc.* | 300,974 | ||||||||
179,117 | Symyx Technologies, Inc.* | 866,926 | ||||||||
39,068 | Taleo Corp.* | 469,207 | ||||||||
243,101 | TIBCO Software, Inc.* | 1,536,398 | ||||||||
481,762 | TiVo, Inc.* | 3,613,215 | ||||||||
40,217 | Unica Corp.* | 192,639 | ||||||||
23,796,617 | ||||||||||
Specialty Retail – 4.5% | ||||||||||
109,335 | Aeropostale, Inc.* | 3,714,110 | ||||||||
155,611 | Asbury Automotive Group, Inc. | 1,504,758 | ||||||||
175,633 | Brown Shoe Co., Inc. | 1,129,320 | ||||||||
175,330 | Build-A-Bear Workshop, Inc.* | 957,302 | ||||||||
57,591 | Charlotte Russe Holding, Inc.* | 722,767 | ||||||||
208,641 | Charming Shoppes, Inc.* | 728,157 | ||||||||
29,835 | Citi Trends, Inc.* | 732,748 | ||||||||
21,656 | Conn’s, Inc.*(a) | 356,025 | ||||||||
57,040 | Genesco, Inc.* | 1,299,371 | ||||||||
6,044 | Hibbett Sports, Inc.* | 126,017 | ||||||||
299,734 | Hot Topic, Inc.* | 3,668,744 | ||||||||
54,415 | Jo-Ann Stores, Inc.* | 996,883 | ||||||||
9,842 | Jos. A. Bank Clothiers, Inc.* | 398,011 | ||||||||
94,582 | PetSmart, Inc.(b) | 2,164,036 | ||||||||
1,144 | Signet Jewelers Ltd. | 18,155 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Specialty Retail – (continued) | ||||||||||
53,318 | Sonic Automotive, Inc.(a) | $ | 275,121 | |||||||
281,829 | Stage Stores, Inc. | 3,452,405 | ||||||||
86,536 | The Cato Corp. | 1,663,222 | ||||||||
23,907,152 | ||||||||||
Textiles, Apparel & Luxury Goods – 1.2% | ||||||||||
199,019 | Carter’s, Inc.* | 4,255,026 | ||||||||
11,385 | Columbia Sportswear Co.(a) | 349,747 | ||||||||
39,700 | Jones Apparel Group, Inc. | 366,828 | ||||||||
47,768 | Steven Madden Ltd.* | 1,405,335 | ||||||||
12,287 | The Timberland Co.* | 199,541 | ||||||||
6,576,477 | ||||||||||
Thrifts & Mortgage Finance – 0.8% | ||||||||||
64,926 | Brookline Bancorp, Inc.(a) | 644,066 | ||||||||
186,182 | First Financial Northwest, Inc. | 1,502,489 | ||||||||
101,502 | Provident Financial Services, Inc. | 1,083,026 | ||||||||
65,601 | Washington Federal, Inc. | 851,501 | ||||||||
4,081,082 | ||||||||||
Tobacco* – 0.1% | ||||||||||
180,230 | Alliance One International, Inc. | 675,863 | ||||||||
Trading Companies & Distributors – 0.1% | ||||||||||
13,383 | Watsco, Inc. | 574,800 | ||||||||
Water Utilities – 0.2% | ||||||||||
24,024 | SJW Corp. | 605,405 | ||||||||
43,728 | Southwest Water Co. | 250,999 | ||||||||
856,404 | ||||||||||
Wireless Telecommunication Services – 1.3% | ||||||||||
55,587 | Centennial Communications Corp.* | 459,704 | ||||||||
149,953 | Syniverse Holdings, Inc.* | 1,889,408 | ||||||||
361,150 | USA Mobility, Inc. | 4,015,988 | ||||||||
170,252 | Virgin Mobile USA, Inc.* | 349,017 | ||||||||
6,714,117 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $558,525,787) | $ | 524,126,295 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement(c) – 2.5% | ||||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||||
$ | 13,700,000 | 0.176 | % | 05/01/09 | $ | 13,700,000 | ||||||||||
Maturity Value:$13,700,067 | ||||||||||||||||
(Cost $13,700,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||||||
(Cost $572,225,787) | $ | 537,826,295 | ||||||||||||||
Shares | Rate | Value | ||||||||||
Securities Lending Reinvestment Vehicle(d)(e) – 16.5% | ||||||||||||
Boston Global Investment Trust – Enhanced Portfolio II | ||||||||||||
89,481,846 | 0.456 | % | $ | 88,497,545 | ||||||||
(Cost $87,862,878) | ||||||||||||
TOTAL INVESTMENTS – 116.8% | ||||||||||||
(Cost $660,088,665) | $ | 626,323,840 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS �� (16.8)% | (90,233,005 | ) | ||||||||||
NET ASSETS – 100.0% | $ | 536,090,835 | ||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | All or a portion of security is segregated for initial margin requirements on futures transactions. | |
(c) | Joint repurchase agreement was entered into on April 30, 2009. Additional information appears on page 87. | |
(d) | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009. | |
(e) | Represents an affiliated issuer. |
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACT — At April 30, 2009, the following futures contract was open:
Number of | Settlement | Notional | Unrealized | |||||||||||
Type | Contracts Long | Month | Value | Gain | ||||||||||
Russell E Mini 2000 Index | 228 | June 2009 | $ | 11,096,760 | $ | 1,455,132 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – 97.8% | ||||||||||
Aerospace & Defense – 1.7% | ||||||||||
3,227 | AAR Corp.* | $ | 48,631 | |||||||
1,904 | American Science and Engineering, Inc. | 114,735 | ||||||||
6,622 | DynCorp International, Inc.* | 100,985 | ||||||||
5,014 | Esterline Technologies Corp.* | 132,119 | ||||||||
28,987 | Taser International, Inc.* | 139,138 | ||||||||
535,608 | ||||||||||
Air Freight & Logistics – 0.3% | ||||||||||
1,856 | Hub Group, Inc.* | 42,688 | ||||||||
11,638 | Pacer International, Inc. | 49,345 | ||||||||
1,426 | UTI Worldwide, Inc.* | 19,194 | ||||||||
111,227 | ||||||||||
Airlines*(a) – 0.4% | ||||||||||
2,536 | Allegiant Travel Co. | 131,973 | ||||||||
Auto Components – 0.2% | ||||||||||
11,740 | Exide Technologies* | 63,748 | ||||||||
1,698 | Modine Manufacturing Co. | 6,487 | ||||||||
70,235 | ||||||||||
Beverages* – 0.3% | ||||||||||
651 | Hansen Natural Corp. | 26,535 | ||||||||
8,108 | National Beverage Corp. | 85,377 | ||||||||
111,912 | ||||||||||
Biotechnology – 9.3% | ||||||||||
732 | Affymax, Inc.* | 12,986 | ||||||||
28,091 | Alkermes, Inc.* | 214,896 | ||||||||
1,415 | Alnylam Pharmaceuticals, Inc.* | 25,994 | ||||||||
75,595 | Cell Genesys, Inc.* | 42,333 | ||||||||
7,769 | Cepheid, Inc.* | 75,359 | ||||||||
11,792 | Cubist Pharmaceuticals, Inc.*(b) | 195,747 | ||||||||
1,424 | Dendreon Corp.*(a) | 30,189 | ||||||||
6,203 | Emergent Biosolutions, Inc.* | 66,434 | ||||||||
25,149 | Enzon Pharmaceuticals, Inc.*(a) | 144,607 | ||||||||
33,006 | Facet Biotech Corp.* | 308,606 | ||||||||
4,480 | Genomic Health, Inc.* | 100,800 | ||||||||
3,838 | Idera Pharmaceuticals, Inc.* | 23,066 | ||||||||
8,619 | ImmunoGen, Inc.* | 59,902 | ||||||||
37,731 | Immunomedics, Inc.*(a) | 43,768 | ||||||||
13,602 | Isis Pharmaceuticals, Inc.*(a) | 213,279 | ||||||||
17,090 | Lexicon Pharmaceuticals, Inc.* | 18,799 | ||||||||
11,650 | Martek Biosciences Corp.* | 212,263 | ||||||||
19,006 | Maxygen, Inc.* | 111,185 | ||||||||
3,292 | Medivation, Inc.*(a) | 63,634 | ||||||||
13,190 | Molecular Insight Pharmaceuticals, Inc.*(a) | 49,067 | ||||||||
4,702 | Myriad Genetics, Inc.* | 182,391 | ||||||||
36,987 | Nabi Biopharmaceuticals* | 127,235 | ||||||||
759 | OSI Pharmaceuticals, Inc.* | 25,480 | ||||||||
39,205 | PDL BioPharma, Inc. | 280,316 | ||||||||
19,249 | Progenics Pharmaceuticals, Inc.* | 105,484 | ||||||||
12,907 | Regeneron Pharmaceuticals, Inc.* | 171,147 | ||||||||
13,959 | Synta Pharmaceuticals Corp.*(a) | 45,367 | ||||||||
55,148 | XOMA Ltd.* | 29,780 | ||||||||
2,980,114 | ||||||||||
Building Products – 0.6% | ||||||||||
4,117 | American Woodmark Corp. | 85,222 | ||||||||
4,889 | Apogee Enterprises, Inc. | 65,512 | ||||||||
1,271 | Insteel Industries, Inc. | 9,469 | ||||||||
1,868 | Quanex Building Products Corp. | 19,147 | ||||||||
179,350 | ||||||||||
Capital Markets – 1.6% | ||||||||||
13,153 | Apollo Investment Corp. | 63,134 | ||||||||
2,415 | Cohen & Steers, Inc. | 35,549 | ||||||||
3,232 | GAMCO Investors, Inc. | 162,085 | ||||||||
6,383 | GFI Group, Inc. | 26,043 | ||||||||
11,925 | Knight Capital Group, Inc.* | 184,718 | ||||||||
1,561 | SEI Investments Co. | 21,901 | ||||||||
3,906 | thinkorswim Group, Inc.* | 37,107 | ||||||||
530,537 | ||||||||||
Chemicals – 0.6% | ||||||||||
1,242 | American Vanguard Corp. | 15,885 | ||||||||
5,737 | Innospec, Inc. | 45,093 | ||||||||
1,225 | Minerals Technologies, Inc. | 45,558 | ||||||||
2,425 | Rockwood Holdings, Inc.* | 29,827 | ||||||||
2,532 | Spartech Corp. | 9,951 | ||||||||
3,234 | Westlake Chemical Corp. | 60,476 | ||||||||
206,790 | ||||||||||
Commercial Banks – 0.3% | ||||||||||
1,384 | International Bancshares Corp. | 18,698 | ||||||||
3,747 | Pinnacle Financial Partners, Inc.* | 66,846 | ||||||||
85,544 | ||||||||||
Commercial Services & Supplies – 1.7% | ||||||||||
3,841 | AMREP Corp.* | 71,404 | ||||||||
7,739 | HNI Corp.(a) | 119,954 | ||||||||
6,368 | ICT Group, Inc.* | 45,085 | ||||||||
7,410 | Kimball International, Inc. Class B | 40,681 | ||||||||
10,158 | Knoll, Inc. | 71,919 | ||||||||
6,710 | Sykes Enterprises, Inc.* | 131,919 | ||||||||
15,716 | The Standard Register Co. | 82,038 | ||||||||
563,000 | ||||||||||
Communications Equipment* – 3.0% | ||||||||||
15,243 | Acme Packet, Inc. | 117,523 | ||||||||
4,619 | Airvana, Inc. | 26,282 | ||||||||
5,010 | Aruba Networks, Inc. | 23,497 | ||||||||
10,824 | BigBand Networks | 63,429 | ||||||||
91,575 | Oclaro, Inc. | 90,659 | ||||||||
11,571 | Polycom, Inc. | 215,683 | ||||||||
5,177 | Riverbed Technology, Inc. | 94,843 | ||||||||
17,004 | ShoreTel, Inc. | 84,850 | ||||||||
21,023 | Sonus Networks, Inc. | 36,370 | ||||||||
11,494 | Starent Networks Corp. | 226,776 | ||||||||
979,912 | ||||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Computers & Peripherals* – 1.7% | ||||||||||
1,671 | Avid Technology, Inc. | $ | 18,498 | |||||||
13,111 | Cray, Inc. | 55,066 | ||||||||
11,490 | Hypercom Corp. | 12,409 | ||||||||
5,276 | Isilon Systems, Inc. | 13,559 | ||||||||
17,008 | Novatel Wireless, Inc. | 116,505 | ||||||||
57,189 | Quantum Corp. | 60,048 | ||||||||
2,405 | Rackable Systems, Inc. | 10,967 | ||||||||
5,552 | STEC, Inc. | 53,299 | ||||||||
6,176 | Synaptics, Inc.(a) | 200,597 | ||||||||
540,948 | ||||||||||
Construction & Engineering – 0.7% | ||||||||||
3,697 | EMCOR Group, Inc.* | 76,861 | ||||||||
733 | Granite Construction, Inc. | 28,917 | ||||||||
548 | Layne Christensen Co.* | 11,870 | ||||||||
3,958 | MasTec, Inc.* | 49,514 | ||||||||
931 | Orion Marine Group, Inc.* | 13,946 | ||||||||
3,479 | Perini Corp.* | 60,187 | ||||||||
241,295 | ||||||||||
Consumer Finance – 0.8% | ||||||||||
32,555 | Advance America Cash Advance Centers, Inc. | 130,220 | ||||||||
3,292 | Cash America International, Inc. | 73,609 | ||||||||
1,772 | World Acceptance Corp.* | 52,593 | ||||||||
256,422 | ||||||||||
Containers & Packaging – 0.1% | ||||||||||
3,899 | Myers Industries, Inc. | 39,107 | ||||||||
Diversified Financial Services – 0.0% | ||||||||||
1,191 | Compass Diversified Holdings | 10,647 | ||||||||
Diversified Telecommunication Services – 2.0% | ||||||||||
6,924 | Cbeyond, Inc.* | 141,111 | ||||||||
4,546 | Global Crossing Ltd.* | 33,004 | ||||||||
1,265 | Iowa Telecommunications Services, Inc. | 16,673 | ||||||||
3,568 | NTELOS Holdings Corp. | 57,017 | ||||||||
39,626 | PAETEC Holding Corp.* | 121,652 | ||||||||
8,828 | Premiere Global Services, Inc.* | 93,047 | ||||||||
1,354 | Shenandoah Telecommunications Co. | 26,579 | ||||||||
15,149 | tw telecom, inc.* | 139,219 | ||||||||
628,302 | ||||||||||
Electrical Equipment – 2.9% | ||||||||||
10,462 | Acuity Brands, Inc. | 300,678 | ||||||||
11,613 | Belden, Inc. | 187,202 | ||||||||
1,910 | EnerSys* | 32,565 | ||||||||
4,856 | Fushi Copperweld, Inc.* | 24,668 | ||||||||
3,353 | GT Solar International, Inc.* | 23,773 | ||||||||
4,690 | LSI Industries, Inc. | 26,311 | ||||||||
2,270 | Polypore International, Inc.* | 17,116 | ||||||||
930 | Powell Industries, Inc.* | 33,471 | ||||||||
24,839 | Power-One, Inc.*(a) | 30,055 | ||||||||
2,125 | Ultralife Corp.* | 15,194 | ||||||||
3,861 | Vicor Corp. | 20,734 | ||||||||
11,587 | Woodward Governor Co. | 231,276 | ||||||||
943,043 | ||||||||||
Electronic Equipment, Instruments & Components* – 0.6% | ||||||||||
9,321 | Benchmark Electronics, Inc. | 113,064 | ||||||||
8,300 | Brightpoint, Inc. | 43,243 | ||||||||
2,271 | Ingram Micro, Inc. | 32,975 | ||||||||
189,282 | ||||||||||
Energy Equipment & Services – 1.0% | ||||||||||
6,142 | CARBO Ceramics, Inc.(a) | 188,621 | ||||||||
12,332 | Willbros Group, Inc.* | 141,324 | ||||||||
329,945 | ||||||||||
Food & Staples Retailing* – 0.9% | ||||||||||
7,144 | The Great Atlantic & Pacific Tea Co., Inc. | 52,437 | ||||||||
6,171 | The Pantry, Inc. | 145,759 | ||||||||
8,737 | Winn-Dixie Stores, Inc. | 100,126 | ||||||||
298,322 | ||||||||||
Food Products – 1.3% | ||||||||||
1,353 | Calavo Growers, Inc. | 19,226 | ||||||||
10,649 | Darling International, Inc.* | 60,912 | ||||||||
570 | Flowers Foods, Inc. | 13,167 | ||||||||
2,259 | Lancaster Colony Corp. | 98,944 | ||||||||
2,959 | Lance, Inc. | 68,531 | ||||||||
3,734 | Sanderson Farms, Inc. | 148,987 | ||||||||
409,767 | ||||||||||
Health Care Equipment & Supplies – 3.9% | ||||||||||
5,295 | Abaxis, Inc.*(a) | 80,060 | ||||||||
5,062 | Align Technology, Inc.*(a) | 62,819 | ||||||||
3,099 | American Medical Systems Holdings, Inc.* | 38,335 | ||||||||
1,139 | Analogic Corp. | 41,460 | ||||||||
6,285 | AngioDynamics, Inc.* | 79,631 | ||||||||
374 | Beckman Coulter, Inc. | 19,657 | ||||||||
3,323 | Cyberonics, Inc.*(a) | 43,996 | ||||||||
13,824 | ev3, Inc.* | 115,569 | ||||||||
2,043 | Haemonetics Corp.* | 105,480 | ||||||||
6,759 | Hologic, Inc.* | 100,439 | ||||||||
8,607 | Invacare Corp. | 132,462 | ||||||||
4,768 | IRIS International, Inc.* | 53,259 | ||||||||
6,866 | Masimo Corp.* | 198,427 | ||||||||
11,296 | Medical Action Industries, Inc.* | 109,571 | ||||||||
2,527 | STERIS Corp. | 60,901 | ||||||||
1,242,066 | ||||||||||
Health Care Providers & Services – 3.2% | ||||||||||
18,313 | AMN Healthcare Services, Inc.* | 126,177 | ||||||||
5,437 | Assisted Living Concepts, Inc.* | 107,816 | ||||||||
6,043 | Centene Corp.* | 111,010 | ||||||||
2,083 | Chemed Corp. | 88,173 | ||||||||
957 | Cross Country Healthcare, Inc.* | 8,431 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Health Care Providers & Services – (continued) | ||||||||||
1,499 | Emergency Medical Services Corp.* | $ | 52,225 | |||||||
5,413 | Healthways, Inc.* | 56,458 | ||||||||
5,155 | inVentiv Health, Inc.* | 57,169 | ||||||||
1,275 | Kindred Healthcare, Inc.* | 16,600 | ||||||||
1,402 | MedCath Corp.* | 14,188 | ||||||||
585 | MWI Veterinary Supply, Inc.* | 18,182 | ||||||||
20,464 | Nighthawk Radiology Holdings, Inc.* | 73,056 | ||||||||
4,198 | Owens & Minor, Inc. | 145,587 | ||||||||
5,436 | PharMerica Corp.* | 99,207 | ||||||||
5,518 | Universal American Financial Corp.* | 57,001 | ||||||||
1,031,280 | ||||||||||
Health Care Technology – 1.4% | ||||||||||
8,388 | Allscripts-Misys Healthcare Solutions, Inc.(a) | 104,179 | ||||||||
7,478 | Computer Programs and Systems, Inc.(a) | 261,655 | ||||||||
1,938 | Hlth Corp.* | 21,318 | ||||||||
5,764 | Omnicell, Inc.* | 50,723 | ||||||||
437,875 | ||||||||||
Hotels, Restaurants & Leisure – 7.2% | ||||||||||
5,320 | AFC Enterprises, Inc.* | 33,037 | ||||||||
5,164 | Buffalo Wild Wings, Inc.*(a) | 201,603 | ||||||||
5,709 | California Pizza Kitchen, Inc.* | 89,688 | ||||||||
5,311 | CEC Entertainment, Inc.* | 161,773 | ||||||||
13,187 | CKE Restaurants, Inc. | 126,200 | ||||||||
4,719 | Cracker Barrel Old Country Store, Inc.(a) | 153,887 | ||||||||
5,877 | Einstein Noah Restaurant Group, Inc.* | 63,413 | ||||||||
6,922 | Jack in the Box, Inc.* | 170,212 | ||||||||
4,984 | Krispy Kreme Doughnuts, Inc.* | 19,637 | ||||||||
10,539 | O’Charley’s, Inc. | 73,457 | ||||||||
7,490 | P.F. Chang’s China Bistro, Inc.* | 226,048 | ||||||||
2,843 | Panera Bread Co.* | 159,236 | ||||||||
11,651 | Papa John’s International, Inc.* | 309,218 | ||||||||
2,900 | Peet’s Coffee & Tea, Inc.* | 79,112 | ||||||||
4,209 | Red Robin Gourmet Burgers, Inc.*(a) | 103,331 | ||||||||
8,566 | The Cheesecake Factory, Inc.* | 148,791 | ||||||||
19,669 | Wendy’s/Arby’s Group, Inc. | 98,345 | ||||||||
3,112 | WMS Industries, Inc.* | 99,926 | ||||||||
2,316,914 | ||||||||||
Household Durables – 0.4% | ||||||||||
1,451 | Blyth, Inc. | 63,960 | ||||||||
1,102 | Harman International Industries, Inc. | 20,045 | ||||||||
3,957 | Tempur-Pedic International, Inc. | 50,887 | ||||||||
134,892 | ||||||||||
Household Products* – 0.7% | ||||||||||
23,386 | Central Garden & Pet Co. | 212,111 | ||||||||
Internet & Catalog Retail – 1.5% | ||||||||||
1,369 | Blue Nile, Inc.* | 58,265 | ||||||||
6,213 | Netflix, Inc.* | 281,511 | ||||||||
3,840 | NutriSystem, Inc.(a) | 52,762 | ||||||||
6,105 | Overstock.com, Inc.* | 82,295 | ||||||||
474,833 | ||||||||||
Internet Software & Services – 3.6% | ||||||||||
23,862 | Art Technology Group, Inc.* | 74,927 | ||||||||
2,394 | Chordiant Software, Inc.* | 7,661 | ||||||||
8,491 | DealerTrack Holdings, Inc.* | 128,893 | ||||||||
8,841 | Dice Holdings, Inc.* | 34,834 | ||||||||
3,046 | DivX, Inc.* | 15,626 | ||||||||
36,362 | EarthLink, Inc.* | 275,624 | ||||||||
20,036 | Internap Network Services Corp.* | 55,700 | ||||||||
17,941 | Marchex, Inc. Class B | 81,093 | ||||||||
5,859 | Rackspace Hosting, Inc.* | 53,844 | ||||||||
37,312 | RealNetworks, Inc.* | 91,788 | ||||||||
860 | Sohu.com, Inc.* | 44,849 | ||||||||
26,656 | ValueClick, Inc.* | 282,554 | ||||||||
2,403 | Web.com Group, Inc.* | 9,996 | ||||||||
1,157,389 | ||||||||||
IT Services – 2.4% | ||||||||||
5,197 | Acxiom Corp. | 50,151 | ||||||||
14,322 | Ciber, Inc.* | 46,260 | ||||||||
7,902 | CSG Systems International, Inc.* | 114,579 | ||||||||
2,748 | CyberSource Corp.* | 40,148 | ||||||||
6,442 | Exlservice Holdings, Inc.* | 59,975 | ||||||||
16,510 | Hackett Group, Inc.* | 37,148 | ||||||||
3,296 | Heartland Payment Systems, Inc. | 26,500 | ||||||||
5,308 | iGATE Corp. | 20,117 | ||||||||
7,289 | RightNow Technologies, Inc.* | 55,032 | ||||||||
17,883 | Sapient Corp.* | 91,740 | ||||||||
7,258 | TeleTech Holdings, Inc.* | 96,314 | ||||||||
4,437 | TNS, Inc.* | 74,763 | ||||||||
6,755 | VeriFone Holdings, Inc.* | 50,730 | ||||||||
763,457 | ||||||||||
Leisure Equipment & Products(a) – 0.7% | ||||||||||
6,502 | Polaris Industries, Inc. | 217,492 | ||||||||
Life Sciences Tools & Services* – 2.8% | ||||||||||
21,947 | Accelrys, Inc. | 98,761 | ||||||||
5,617 | Affymetrix, Inc. | 26,344 | ||||||||
5,588 | Albany Molecular Research, Inc. | 54,539 | ||||||||
2,921 | Bio-Rad Laboratories, Inc. | 203,564 | ||||||||
6,631 | Bruker Corp. | 43,632 | ||||||||
3,878 | Dionex Corp. | 244,314 | ||||||||
6,496 | Varian, Inc. | 214,498 | ||||||||
885,652 | ||||||||||
Machinery – 2.6% | ||||||||||
2,820 | AGCO Corp.* | 68,526 | ||||||||
2,248 | Chart Industries, Inc.* | 31,090 | ||||||||
5,610 | EnPro Industries, Inc.* | 89,535 | ||||||||
4,208 | ESCO Technologies, Inc.* | 174,969 | ||||||||
7,311 | Force Protection, Inc.* | 55,710 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Machinery – (continued) | ||||||||||
5,186 | Mueller Industries, Inc. | $ | 113,936 | |||||||
2,464 | NACCO Industries, Inc. | 94,248 | ||||||||
2,175 | Nordson Corp. | 78,909 | ||||||||
3,726 | The Toro Co.(a) | 113,196 | ||||||||
820,119 | ||||||||||
Marine – 0.4% | ||||||||||
17,538 | American Commercial Lines, Inc.* | 87,339 | ||||||||
5,870 | Horizon Lines, Inc. | 31,229 | ||||||||
118,568 | ||||||||||
Media* – 0.3% | ||||||||||
3,642 | CKX, Inc. | 19,631 | ||||||||
1,979 | Cox Radio, Inc. | 9,499 | ||||||||
3,936 | Live Nation, Inc. | 15,390 | ||||||||
1,586 | Marvel Entertainment, Inc. | 47,326 | ||||||||
91,846 | ||||||||||
Metals & Mining – 1.7% | ||||||||||
7,358 | Compass Minerals International, Inc. | 354,803 | ||||||||
17,063 | Sutor Technology Group Ltd.* | 38,391 | ||||||||
9,272 | Worthington Industries, Inc. | 138,153 | ||||||||
531,347 | ||||||||||
Multiline Retail – 0.5% | ||||||||||
11,767 | 99 Cents Only Stores* | 126,377 | ||||||||
372 | Family Dollar Stores, Inc. | 12,347 | ||||||||
1,215 | Fred’s, Inc. | 16,597 | ||||||||
155,321 | ||||||||||
Oil, Gas & Consumable Fuels – 5.8% | ||||||||||
11,667 | Berry Petroleum Co.(a) | 192,272 | ||||||||
10,546 | Bill Barrett Corp.*(a) | 273,985 | ||||||||
755 | Cimarex Energy Co. | 20,310 | ||||||||
7,260 | Comstock Resources, Inc.*(b) | 250,180 | ||||||||
4,738 | Delek US Holdings, Inc. | 48,659 | ||||||||
8,879 | Delta Petroleum Corp.*(a) | 26,104 | ||||||||
21,909 | EXCO Resources, Inc.* | 258,088 | ||||||||
6,654 | Frontier Oil Corp. | 84,572 | ||||||||
8,592 | PetroQuest Energy, Inc.* | 25,862 | ||||||||
1,271 | St. Mary Land & Exploration Co. | 22,713 | ||||||||
8,711 | Teekay Tankers Ltd. | 105,055 | ||||||||
11,740 | Tesoro Corp. | 179,035 | ||||||||
3,472 | USEC, Inc.* | 21,492 | ||||||||
21,598 | VAALCO Energy, Inc.* | 103,022 | ||||||||
18,028 | Venoco, Inc.* | 78,782 | ||||||||
7,934 | Western Refining, Inc.*(a) | 99,889 | ||||||||
2,135 | World Fuel Services Corp. | 81,408 | ||||||||
1,871,428 | ||||||||||
Paper & Forest Products* – 0.3% | ||||||||||
1,576 | Buckeye Technologies, Inc. | 8,116 | ||||||||
5,063 | Clearwater Paper Corp. | 77,059 | ||||||||
85,175 | ||||||||||
Personal Products(a) – 0.2% | ||||||||||
17,685 | Mannatech, Inc. | 77,283 | ||||||||
Pharmaceuticals* – 1.6% | ||||||||||
9,390 | Alexza Pharmaceuticals, Inc. | 15,587 | ||||||||
1,173 | Auxilium Pharmaceuticals, Inc. | 26,862 | ||||||||
3,057 | Caraco Pharmaceutical Laboratories Ltd. | 13,695 | ||||||||
51,758 | DepoMed, Inc. | 107,657 | ||||||||
28,178 | Questcor Pharmaceuticals, Inc. | 126,801 | ||||||||
2,587 | Sucampo Pharmaceuticals, Inc. | 16,816 | ||||||||
6,089 | The Medicines Co. | 60,768 | ||||||||
8,469 | Valeant Pharmaceuticals International(a) | 141,940 | ||||||||
510,126 | ||||||||||
Professional Services – 3.5% | ||||||||||
7,391 | Administaff, Inc. | 197,044 | ||||||||
4,530 | CDI Corp. | 54,133 | ||||||||
2,494 | Heidrick & Struggles International, Inc. | 42,148 | ||||||||
1,610 | Kelly Services, Inc. | 18,290 | ||||||||
14,644 | Kforce, Inc.* | 159,766 | ||||||||
2,464 | Korn/Ferry International* | 26,094 | ||||||||
12,845 | MPS Group, Inc.* | 103,274 | ||||||||
7,287 | Resources Connection, Inc.* | 142,461 | ||||||||
48,591 | Spherion Corp.* | 174,442 | ||||||||
13,318 | TrueBlue, Inc.* | 129,318 | ||||||||
11,112 | Volt Information Sciences, Inc.* | 79,784 | ||||||||
1,126,754 | ||||||||||
Real Estate Investment Trusts – 0.9% | ||||||||||
959 | Equity Lifestyle Properties, Inc. | 38,043 | ||||||||
1,767 | Highwoods Properties, Inc. | 42,390 | ||||||||
1,237 | Liberty Property Trust | 30,109 | ||||||||
9,373 | OMEGA Healthcare Investors, Inc. | 147,344 | ||||||||
998 | Saul Centers, Inc. | 31,776 | ||||||||
289,662 | ||||||||||
Road & Rail – 0.6% | ||||||||||
6,220 | Knight Transportation, Inc. | 109,969 | ||||||||
1,196 | Saia, Inc.* | 15,620 | ||||||||
5,474 | Universal Truckload Services, Inc. | 67,440 | ||||||||
193,029 | ||||||||||
Semiconductors & Semiconductor Equipment – 5.5% | ||||||||||
24,471 | Amkor Technology, Inc.* | 105,470 | ||||||||
19,367 | Applied Micro Circuits Corp.* | 105,550 | ||||||||
4,830 | Atheros Communications* | 83,173 | ||||||||
2,271 | CEVA, Inc.* | 18,736 | ||||||||
7,202 | Cirrus Logic, Inc.* | 33,489 | ||||||||
6,465 | Cohu, Inc. | 63,098 | ||||||||
4,197 | Cypress Semiconductor Corp.* | 33,282 | ||||||||
27,580 | Entegris, Inc.* | 40,818 | ||||||||
13,227 | Exar Corp.* | 81,346 | ||||||||
4,149 | IXYS Corp. | 39,581 | ||||||||
56,783 | Lattice Semiconductor Corp.* | 98,802 | ||||||||
13,291 | Micrel, Inc. | 99,682 | ||||||||
14,168 | MIPS Technologies, Inc.* | 47,038 | ||||||||
2,447 | MKS Instruments, Inc.* | 38,296 | ||||||||
4,779 | Netlogic Microsystems, Inc.*(a) | 155,748 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Semiconductors & Semiconductor Equipment – (continued) | ||||||||||
3,538 | Rudolph Technologies, Inc.* | $ | 18,504 | |||||||
16,930 | Semtech Corp.* | 244,131 | ||||||||
2,139 | Sigma Designs, Inc.* | 27,636 | ||||||||
60,998 | Silicon Image, Inc.* | 165,915 | ||||||||
4,345 | Skyworks Solutions, Inc.* | 38,410 | ||||||||
1,301 | Standard Microsystems Corp.* | 20,634 | ||||||||
3,302 | Tessera Technologies, Inc.* | 46,360 | ||||||||
7,746 | Ultratech, Inc.* | 104,726 | ||||||||
3,678 | Volterra Semiconductor Corp.* | 42,260 | ||||||||
1,752,685 | ||||||||||
Software – 7.6% | ||||||||||
6,400 | ACI Worldwide, Inc.* | 110,528 | ||||||||
5,970 | Actuate Corp.* | 22,089 | ||||||||
2,411 | Advent Software, Inc.* | 80,142 | ||||||||
11,830 | ArcSight, Inc.* | 178,633 | ||||||||
13,159 | Blackbaud, Inc. | 200,280 | ||||||||
23,312 | Commvault Systems, Inc.* | 290,234 | ||||||||
4,874 | Digimarc Corp.* | 48,545 | ||||||||
3,228 | Interactive Intelligence, Inc.* | 35,508 | ||||||||
5,020 | Jack Henry & Associates, Inc. | 90,460 | ||||||||
21,493 | Lawson Software, Inc.* | 115,847 | ||||||||
29,439 | Magma Design Automation, Inc.*(a) | 52,402 | ||||||||
9,796 | Manhattan Associates, Inc.* | 162,810 | ||||||||
9,529 | Mentor Graphics Corp.* | 64,035 | ||||||||
2,607 | MicroStrategy, Inc.* | 101,438 | ||||||||
27,605 | OpenTV Corp.* | 40,579 | ||||||||
5,800 | Parametric Technology Corp.* | 64,670 | ||||||||
7,652 | QAD, Inc. | 20,354 | ||||||||
4,406 | Renaissance Learning, Inc. | 42,298 | ||||||||
6,630 | SuccessFactors, Inc.* | 57,747 | ||||||||
4,585 | Sybase, Inc.* | 155,707 | ||||||||
13,799 | Symyx Technologies, Inc.* | 66,787 | ||||||||
3,852 | Taleo Corp.* | 46,263 | ||||||||
42,116 | TiVo, Inc.* | 315,870 | ||||||||
4,090 | Unica Corp.* | 19,591 | ||||||||
6,704 | Wind River Systems, Inc.* | 49,140 | ||||||||
2,431,957 | ||||||||||
Specialty Retail – 4.1% | ||||||||||
14,313 | Aeropostale, Inc.* | 486,213 | ||||||||
3,009 | Asbury Automotive Group, Inc. | 29,097 | ||||||||
1,807 | Brown Shoe Co., Inc. | 11,619 | ||||||||
4,361 | Charlotte Russe Holding, Inc.* | 54,731 | ||||||||
3,738 | Citi Trends, Inc.* | 91,805 | ||||||||
2,198 | DSW, Inc.* | 23,892 | ||||||||
3,497 | Hibbett Sports, Inc.* | 72,913 | ||||||||
8,022 | Hot Topic, Inc.* | 98,189 | ||||||||
677 | Jos. A. Bank Clothiers, Inc.* | 27,378 | ||||||||
947 | PetSmart, Inc. | 21,667 | ||||||||
9,559 | Stage Stores, Inc. | 117,098 | ||||||||
2,166 | The Buckle, Inc. | 80,943 | ||||||||
6,741 | The Cato Corp. | 129,562 | ||||||||
1,629 | Tractor Supply Co.* | 65,779 | ||||||||
1,310,886 | ||||||||||
Textiles, Apparel & Luxury Goods* – 0.8% | ||||||||||
5,901 | Carter’s, Inc. | 126,164 | ||||||||
556 | Deckers Outdoor Corp. | 31,425 | ||||||||
3,212 | Fuqi International, Inc. | 20,171 | ||||||||
3,233 | The Warnaco Group, Inc. | 93,240 | ||||||||
271,000 | ||||||||||
Tobacco* – 0.1% | ||||||||||
11,945 | Alliance One International, Inc. | 44,794 | ||||||||
Trading Companies & Distributors – 0.4% | ||||||||||
2,728 | Watsco, Inc. | 117,168 | ||||||||
Wireless Telecommunication Services – 1.1% | ||||||||||
8,519 | Centennial Communications Corp.* | 70,452 | ||||||||
11,347 | Syniverse Holdings, Inc.* | 142,972 | ||||||||
11,412 | USA Mobility, Inc. | 126,902 | ||||||||
12,978 | Virgin Mobile USA, Inc.* | 26,605 | ||||||||
366,931 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $32,878,472) | $ | 31,413,322 | ||||||||
Exchange Traded Fund – 0.1% | ||||||||||
Other – 0.1% | ||||||||||
400 | iShares Russell 2000 Growth Index Fund | |||||||||
(Cost $32,842) | $ | 21,116 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement(c) – 2.5% | ||||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||||
$ | 800,000 | 0.176 | % | 05/01/09 | $ | 800,000 | ||||||||||
Maturity Value: $800,004 | ||||||||||||||||
(Cost $800,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||||||
(Cost $33,711,314) | $ | 32,234,438 | ||||||||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Rate | Value | ||||||||||
Securities Lending Reinvestment Vehicle(d)(e)– 7.2% | ||||||||||||
Boston Global Investment Trust – Enhanced Portfolio II | ||||||||||||
2,347,840 | 0.456 | % | $ | 2,322,014 | ||||||||
(Cost $2,311,191) | ||||||||||||
TOTAL INVESTMENTS – 107.6% | ||||||||||||
(Cost $36,022,505) | $ | 34,556,452 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (7.6)% | (2,430,527 | ) | ||||||||||
NET ASSETS – 100.0% | $ | 32,125,925 | ||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | All or a portion of security is segregated for initial margin requirements on futures transactions. | |
(c) | Joint repurchase agreement was entered into on April 30, 2009. Additional information appears on page 87. | |
(d) | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009. | |
(e) | Represents an affiliated issuer. |
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACT — At April 30, 2009, the following futures contract was open:
Number of | ||||||||||||||
Contracts | Settlement | Notional | Unrealized | |||||||||||
Type | Long | Month | Value | Gain | ||||||||||
Russell Mini 2000 Index | 11 | June 2009 | $ | 535,370 | $ | 110,640 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – 98.2% | ||||||||||
Aerospace & Defense – 0.6% | ||||||||||
9,007 | AAR Corp.* | $ | 135,736 | |||||||
2,150 | Applied Signal Technology, Inc. | 42,484 | ||||||||
11,651 | Ceradyne, Inc.* | 200,863 | ||||||||
18,898 | DynCorp International, Inc.* | 288,195 | ||||||||
22,678 | Taser International, Inc.* | 108,854 | ||||||||
776,132 | ||||||||||
Air Freight & Logistics – 0.1% | ||||||||||
30,368 | Pacer International, Inc. | 128,760 | ||||||||
Airlines – 0.4% | ||||||||||
6,836 | Republic Airways Holdings, Inc.* | 48,946 | ||||||||
32,793 | SkyWest, Inc. | 394,827 | ||||||||
443,773 | ||||||||||
Auto Components – 0.4% | ||||||||||
898 | Federal-Mogul Corp.* | 9,968 | ||||||||
44,330 | Modine Manufacturing Co. | 169,341 | ||||||||
9,380 | Stoneridge, Inc.* | 21,668 | ||||||||
17,719 | Superior Industries International, Inc. | 267,202 | ||||||||
468,179 | ||||||||||
Beverages* – 0.4% | ||||||||||
1,649 | Hansen Natural Corp. | 67,213 | ||||||||
33,758 | National Beverage Corp. | 355,472 | ||||||||
422,685 | ||||||||||
Biotechnology – 1.2% | ||||||||||
71,882 | Cell Genesys, Inc.* | 40,254 | ||||||||
18,604 | Enzon Pharmaceuticals, Inc.*(a) | 106,973 | ||||||||
43,527 | Facet Biotech Corp.* | 406,977 | ||||||||
54,863 | Maxygen, Inc.* | 320,949 | ||||||||
67,568 | Nabi Biopharmaceuticals* | 232,434 | ||||||||
38,703 | PDL BioPharma, Inc. | 276,726 | ||||||||
9,534 | Progenics Pharmaceuticals, Inc.* | 52,246 | ||||||||
5,111 | Synta Pharmaceuticals Corp.* | 16,611 | ||||||||
1,453,170 | ||||||||||
Building Products – 0.8% | ||||||||||
12,355 | American Woodmark Corp.(a) | 255,749 | ||||||||
9,908 | Apogee Enterprises, Inc. | 132,767 | ||||||||
1,118 | Armstrong World Industries, Inc.* | 20,325 | ||||||||
9,344 | Builders FirstSource, Inc.* | 30,929 | ||||||||
21,473 | Gibraltar Industries, Inc. | 143,869 | ||||||||
6,820 | Insteel Industries, Inc. | 50,809 | ||||||||
8,995 | Universal Forest Products, Inc. | 301,872 | ||||||||
936,320 | ||||||||||
Capital Markets – 3.2% | ||||||||||
132,387 | Apollo Investment Corp.(a) | 635,458 | ||||||||
8,735 | BlackRock Kelso Capital Corp. | 50,925 | ||||||||
1,932 | Capital Southwest Corp.(b) | 150,232 | ||||||||
7,915 | Cohen & Steers, Inc. | 116,509 | ||||||||
6,055 | Eaton Vance Corp. | 165,725 | ||||||||
11,374 | GAMCO Investors, Inc. | 570,406 | ||||||||
51,225 | Knight Capital Group, Inc.* | 793,475 | ||||||||
7,395 | NGP Capital Resources Co. | 51,913 | ||||||||
17,619 | Penson Worldwide, Inc.* | 178,657 | ||||||||
13,230 | Piper Jaffray Cos., Inc.* | 458,684 | ||||||||
44,559 | SEI Investments Co. | 625,163 | ||||||||
5,270 | Virtus Investment Partners, Inc.* | 59,814 | ||||||||
3,856,961 | ||||||||||
Chemicals – 1.9% | ||||||||||
22,639 | A. Schulman, Inc. | 355,206 | ||||||||
5,712 | Innospec, Inc. | 44,896 | ||||||||
4,645 | Minerals Technologies, Inc. | 172,748 | ||||||||
16,312 | PolyOne Corp.* | 44,695 | ||||||||
29,605 | Rockwood Holdings, Inc.* | 364,141 | ||||||||
72,441 | Spartech Corp. | 284,693 | ||||||||
54,667 | Westlake Chemical Corp.(a) | 1,022,273 | ||||||||
2,288,652 | ||||||||||
Commercial Banks – 10.9% | ||||||||||
10,558 | 1st Source Corp. | 207,359 | ||||||||
17,131 | Associated Banc-Corp. | 265,017 | ||||||||
19,953 | BancorpSouth, Inc. | 463,907 | ||||||||
13,417 | BancTrust Financial Group, Inc.(a) | 88,284 | ||||||||
61,421 | Cathay General Bancorp(a) | 689,144 | ||||||||
31,600 | Central Pacific Financial Corp.(a) | 185,176 | ||||||||
100,955 | CVB Financial Corp.(a) | 606,740 | ||||||||
28,678 | East West Bancorp, Inc.(a) | 195,871 | ||||||||
4,150 | Enterprise Financial Services Corp. | 40,877 | ||||||||
123,055 | First Bancorp(a) | 678,033 | ||||||||
26,711 | FirstMerit Corp. | 518,460 | ||||||||
3,876 | Glacier Bancorp, Inc. | 59,380 | ||||||||
6,303 | Hancock Holding Co.(a) | 238,695 | ||||||||
36,567 | Heritage Commerce Corp. | 295,461 | ||||||||
98,123 | International Bancshares Corp.(a) | 1,325,642 | ||||||||
8,743 | Lakeland Financial Corp. | 164,106 | ||||||||
23,995 | MB Financial, Inc. | 327,052 | ||||||||
2,003 | Park National Corp.(a) | 134,101 | ||||||||
35,152 | Pinnacle Financial Partners, Inc.*(a) | 627,112 | ||||||||
31,102 | Renasant Corp. | 438,538 | ||||||||
18,578 | Republic Bancorp, Inc.(a) | 413,175 | ||||||||
92,785 | Sterling Bancshares, Inc. | 617,020 | ||||||||
14,952 | Sun Bancorp, Inc.* | 98,384 | ||||||||
139,540 | Susquehanna Bancshares, Inc.(a) | 1,124,692 | ||||||||
5,093 | SVB Financial Group* | 105,731 | ||||||||
12,973 | Texas Capital Bancshares, Inc.* | 181,622 | ||||||||
3,912 | TriCo Bancshares | 62,592 | ||||||||
38,586 | Trustmark Corp. | 838,860 | ||||||||
7,779 | UMB Financial Corp. | 356,045 | ||||||||
19,300 | Umpqua Holdings Corp.(a) | 185,087 | ||||||||
3,480 | United Bankshares, Inc.(a) | 90,271 | ||||||||
6,735 | Whitney Holding Corp.(a) | 80,551 | ||||||||
4,379 | Wilmington Trust Corp. | 63,539 | ||||||||
86,851 | Wilshire Bancorp, Inc.(a) | 350,878 | ||||||||
54,889 | Wintrust Financial Corp. | 933,113 | ||||||||
8,022 | Yadkin Valley Financial Corp. | 65,780 | ||||||||
13,116,295 | ||||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Commercial Services & Supplies – 1.2% | ||||||||||
34,576 | Acco Brands Corp.* | $ | 72,264 | |||||||
6,107 | AMREP Corp.* | 113,529 | ||||||||
24,846 | Comfort Systems USA, Inc. | 268,088 | ||||||||
16,745 | HNI Corp. | 259,547 | ||||||||
15,009 | ICT Group, Inc.* | 106,264 | ||||||||
42,671 | Kimball International, Inc. Class B | 234,264 | ||||||||
32,030 | The Standard Register Co. | 167,197 | ||||||||
6,743 | United Stationers, Inc.* | 220,698 | ||||||||
1,441,851 | ||||||||||
Communications Equipment – 2.8% | ||||||||||
161,167 | 3Com Corp.* | 652,726 | ||||||||
15,725 | Acme Packet, Inc.* | 121,240 | ||||||||
11,723 | Airvana, Inc.* | 66,704 | ||||||||
85,634 | Arris Group, Inc.* | 913,715 | ||||||||
4,658 | Avocent Corp.*(b) | 67,261 | ||||||||
6,598 | BigBand Networks* | 38,664 | ||||||||
28,387 | Emulex Corp.* | 297,212 | ||||||||
8,838 | Extreme Networks, Inc.* | 15,555 | ||||||||
29,154 | Harris Stratex Networks, Inc.* | 117,199 | ||||||||
124,440 | Oclaro, Inc.* | 123,195 | ||||||||
10,071 | Plantronics, Inc. | 128,305 | ||||||||
3,414 | Polycom, Inc.* | 63,637 | ||||||||
6,353 | SeaChange International, Inc.* | 39,833 | ||||||||
23,320 | ShoreTel, Inc.* | 116,367 | ||||||||
61,591 | Symmetricom, Inc.* | 306,723 | ||||||||
50,261 | Tellabs, Inc.* | 263,368 | ||||||||
12,823 | Tollgrade Communications, Inc.* | 76,297 | ||||||||
3,408,001 | ||||||||||
Computers & Peripherals – 1.4% | ||||||||||
35,208 | Avid Technology, Inc.*(a) | 389,752 | ||||||||
15,513 | Cray, Inc.* | 65,155 | ||||||||
25,325 | Electronics for Imaging, Inc.* | 248,691 | ||||||||
15,804 | Hypercom Corp.* | 17,068 | ||||||||
51,925 | Imation Corp.(a) | 519,250 | ||||||||
28,922 | Novatel Wireless, Inc.* | 198,116 | ||||||||
199,816 | Quantum Corp.* | 209,807 | ||||||||
13,826 | Rackable Systems, Inc.* | �� | 63,047 | |||||||
1,710,886 | ||||||||||
Construction & Engineering – 1.2% | ||||||||||
40,462 | Dycom Industries, Inc.* | 340,690 | ||||||||
14,445 | EMCOR Group, Inc.* | 300,311 | ||||||||
21,753 | Granite Construction, Inc.(a) | 858,156 | ||||||||
1,499,157 | ||||||||||
Consumer Finance – 0.7% | ||||||||||
169,966 | Advance America Cash Advance Centers, Inc. | 679,864 | ||||||||
5,718 | Cash America International, Inc. | 127,854 | ||||||||
807,718 | ||||||||||
Containers & Packaging – 0.1% | ||||||||||
13,309 | Myers Industries, Inc. | 133,489 | ||||||||
Distributors* – 0.3% | ||||||||||
15,754 | Core-Mark Holding Co., Inc. | 302,004 | ||||||||
Diversified Financial Services – 1.2% | ||||||||||
71,369 | Compass Diversified Holdings | 638,039 | ||||||||
13,822 | Encore Capital Group, Inc.* | 120,804 | ||||||||
26,586 | Financial Federal Corp. | 654,281 | ||||||||
6,091 | Medallion Financial Corp. | 44,891 | ||||||||
9,126 | Primus Guaranty Ltd.* | 18,617 | ||||||||
1,476,632 | ||||||||||
Diversified Telecommunication Services – 1.2% | ||||||||||
4,646 | Cbeyond, Inc.*(a) | 94,685 | ||||||||
16,402 | Cincinnati Bell, Inc.* | 45,762 | ||||||||
14,136 | General Communication, Inc.* | 108,282 | ||||||||
27,645 | Global Crossing Ltd.* | 200,703 | ||||||||
72,908 | IDT Corp. Class B* | 99,155 | ||||||||
22,364 | Iowa Telecommunications Services, Inc.(a) | 294,758 | ||||||||
133,217 | PAETEC Holding Corp.* | 408,976 | ||||||||
19,349 | Premiere Global Services, Inc.* | 203,938 | ||||||||
1,456,259 | ||||||||||
Electric Utilities – 1.3% | ||||||||||
36,105 | El Paso Electric Co.* | 498,249 | ||||||||
11,087 | Portland General Electric Co. | 202,560 | ||||||||
11,251 | The Empire District Electric Co. | 168,427 | ||||||||
27,777 | Unisource Energy Corp. | 731,091 | ||||||||
1,600,327 | ||||||||||
Electrical Equipment – 2.2% | ||||||||||
10,658 | A.O. Smith Corp. | 331,357 | ||||||||
9,981 | Acuity Brands, Inc. | 286,854 | ||||||||
14,565 | Baldor Electric Co.(a) | 337,908 | ||||||||
29,188 | Belden, Inc. | 470,510 | ||||||||
18,207 | Encore Wire Corp. | 397,641 | ||||||||
69,049 | LSI Industries, Inc. | 387,365 | ||||||||
124,332 | Power-One, Inc.*(a) | 150,442 | ||||||||
11,008 | Woodward Governor Co. | 219,720 | ||||||||
2,581,797 | ||||||||||
Electronic Equipment, Instruments & Components* – 1.2% | ||||||||||
43,487 | Benchmark Electronics, Inc. | 527,497 | ||||||||
116,742 | Brightpoint, Inc. | 608,226 | ||||||||
7,255 | Ingram Micro, Inc. | 105,343 | ||||||||
25,088 | Insight Enterprises, Inc. | 143,503 | ||||||||
1,384,569 | ||||||||||
Energy Equipment & Services – 0.1% | ||||||||||
1,749 | CARBO Ceramics, Inc.(a) | 53,712 | ||||||||
3,851 | Exterran Holdings, Inc.* | 79,523 | ||||||||
133,235 | ||||||||||
Food & Staples Retailing – 2.0% | ||||||||||
24,763 | Casey’s General Stores, Inc. | 658,943 | ||||||||
26,198 | Ingles Markets, Inc. | 408,951 | ||||||||
4,893 | Susser Holdings Corp.* | 70,704 | ||||||||
12,445 | The Great Atlantic & Pacific Tea Co., Inc.* | 91,346 | ||||||||
21,808 | The Pantry, Inc.* | 515,105 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Food & Staples Retailing – (continued) | ||||||||||
12,346 | Weis Markets, Inc. | $ | 456,679 | |||||||
18,662 | Winn-Dixie Stores, Inc.* | 213,866 | ||||||||
2,415,594 | ||||||||||
Food Products – 2.1% | ||||||||||
7,025 | Farmer Bros. Co. | 138,744 | ||||||||
39,320 | Imperial Sugar Co. | 257,546 | ||||||||
25,579 | J & J Snack Foods Corp. | 991,442 | ||||||||
18,387 | Lance, Inc. | 425,843 | ||||||||
61,576 | Reddy Ice Holdings, Inc. | 138,546 | ||||||||
13,578 | Sanderson Farms, Inc.(a) | 541,762 | ||||||||
2,493,883 | ||||||||||
Gas Utilities – 1.4% | ||||||||||
33,124 | New Jersey Resources Corp. | 1,090,442 | ||||||||
27,435 | Southwest Gas Corp. | 554,461 | ||||||||
1,355 | The Laclede Group, Inc. | 46,992 | ||||||||
1,691,895 | ||||||||||
Health Care Equipment & Supplies* – 0.1% | ||||||||||
11,050 | Medical Action Industries, Inc. | 107,185 | ||||||||
Health Care Providers & Services* – 2.9% | ||||||||||
9,961 | AMERIGROUP Corp. | 297,535 | ||||||||
32,646 | AMN Healthcare Services, Inc. | 224,931 | ||||||||
12,030 | Assisted Living Concepts, Inc. | 238,555 | ||||||||
10,984 | Centene Corp. | 201,776 | ||||||||
19,973 | Healthspring, Inc. | 184,351 | ||||||||
22,900 | Kindred Healthcare, Inc. | 298,158 | ||||||||
28,809 | MedCath Corp. | 291,547 | ||||||||
5,896 | Molina Healthcare, Inc. | 127,649 | ||||||||
75,258 | Nighthawk Radiology Holdings, Inc. | 268,671 | ||||||||
45,777 | PharMerica Corp.(a) | 835,430 | ||||||||
49,603 | Universal American Financial Corp.(a) | 512,399 | ||||||||
3,481,002 | ||||||||||
Health Care Technology(a) – 0.6% | ||||||||||
19,424 | Computer Programs and Systems, Inc. | 679,646 | ||||||||
Hotels, Restaurants & Leisure – 3.8% | ||||||||||
1,740 | Buffalo Wild Wings, Inc.* | 67,930 | ||||||||
7,877 | California Pizza Kitchen, Inc.* | 123,748 | ||||||||
8,086 | CEC Entertainment, Inc.* | 246,299 | ||||||||
17,831 | CKE Restaurants, Inc. | 170,643 | ||||||||
4,235 | Cracker Barrel Old Country Store, Inc.(a) | 138,103 | ||||||||
5,449 | Jack in the Box, Inc.* | 133,991 | ||||||||
24,534 | Landry’s Restaurants, Inc.*(a) | 224,241 | ||||||||
98,437 | O’Charley’s, Inc. | 686,106 | ||||||||
9,695 | P.F. Chang’s China Bistro, Inc.*(a) | 292,595 | ||||||||
10,618 | Panera Bread Co.* | 594,714 | ||||||||
33,731 | Papa John’s International, Inc.* | 895,221 | ||||||||
3,415 | Red Robin Gourmet Burgers, Inc.*(a) | 83,838 | ||||||||
20,370 | Ruby Tuesday, Inc.* | 156,442 | ||||||||
60,060 | The Steak n Shake Co.* | 694,293 | ||||||||
4,508,164 | ||||||||||
Household Durables – 1.1% | ||||||||||
53,371 | American Greetings Corp.(a) | 418,962 | ||||||||
12,499 | Blyth, Inc. | 550,956 | ||||||||
10,475 | Harman International Industries, Inc. | 190,540 | ||||||||
5,935 | La-Z-Boy, Inc. | 15,787 | ||||||||
4,546 | M/I Homes, Inc. | 69,418 | ||||||||
5,086 | Meritage Homes Corp.* | 105,840 | ||||||||
1,351,503 | ||||||||||
Household Products* – 1.0% | ||||||||||
130,710 | Central Garden & Pet Co. | 1,185,540 | ||||||||
Insurance – 5.4% | ||||||||||
30,684 | American Equity Investment Life Holding Co.(a) | 172,751 | ||||||||
18,660 | American Safety Insurance Holdings Ltd.* | 212,351 | ||||||||
36,470 | Aspen Insurance Holdings Ltd. | 859,963 | ||||||||
22,727 | CNA Surety Corp.* | 437,495 | ||||||||
10,887 | Crawford & Co. Class B*(a) | 64,778 | ||||||||
18,144 | Employers Holdings, Inc. | 151,321 | ||||||||
4,241 | FPIC Insurance Group, Inc.* | 129,520 | ||||||||
5,262 | HCC Insurance Holdings, Inc. | 125,867 | ||||||||
6,706 | Horace Mann Educators Corp. | 58,879 | ||||||||
18,568 | Infinity Property & Casualty Corp. | 654,336 | ||||||||
15,246 | IPC Holdings Ltd. | 397,006 | ||||||||
44,583 | Maiden Holdings Ltd.(a) | 201,069 | ||||||||
38,728 | National Financial Partners Corp.(a) | 273,420 | ||||||||
11,722 | Platinum Underwriters Holdings Ltd. | 337,242 | ||||||||
41,781 | PMA Capital Corp.* | 156,679 | ||||||||
6,051 | Presidential Life Corp. | 64,685 | ||||||||
10,593 | ProAssurance Corp.* | 465,456 | ||||||||
5,333 | RLI Corp. | 256,144 | ||||||||
10,403 | Safety Insurance Group, Inc. | 343,819 | ||||||||
4,774 | Seabright Insurance Holdings* | 44,303 | ||||||||
28,709 | Selective Insurance Group, Inc. | 423,745 | ||||||||
2,467 | State Auto Financial Corp. | 40,039 | ||||||||
14,384 | Stewart Information Services Corp. | 325,222 | ||||||||
8,185 | United Fire & Casualty Co. | 152,814 | ||||||||
5,517 | Unitrin, Inc. | 93,789 | ||||||||
1,665 | Zenith National Insurance Corp. | 37,945 | ||||||||
6,480,638 | ||||||||||
Internet Software & Services – 0.6% | ||||||||||
5,051 | DealerTrack Holdings, Inc.* | 76,674 | ||||||||
46,352 | Internap Network Services Corp.* | 128,859 | ||||||||
19,682 | Marchex, Inc. Class B | 88,963 | ||||||||
39,514 | ModusLink Global Solutions, Inc.* | 146,202 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Internet Software & Services – (continued) | ||||||||||
52,716 | RealNetworks, Inc.* | $ | 129,681 | |||||||
31,918 | United Online, Inc. | 169,165 | ||||||||
739,544 | ||||||||||
IT Services – 1.5% | ||||||||||
88,951 | Acxiom Corp. | 858,377 | ||||||||
133,539 | Ciber, Inc.* | 431,331 | ||||||||
18,686 | CSG Systems International, Inc.* | 270,947 | ||||||||
9,852 | Exlservice Holdings, Inc.* | 91,722 | ||||||||
9,302 | Gevity HR, Inc. | 36,836 | ||||||||
17,346 | Ness Technologies, Inc.* | 64,007 | ||||||||
7,563 | VeriFone Holdings, Inc.* | 56,798 | ||||||||
1,810,018 | ||||||||||
Leisure Equipment & Products(a) – 0.2% | ||||||||||
8,242 | Polaris Industries, Inc. | 275,695 | ||||||||
Machinery – 1.4% | ||||||||||
9,888 | Albany International Corp. | 91,761 | ||||||||
9,183 | Briggs & Stratton Corp. | 136,643 | ||||||||
2,295 | EnPro Industries, Inc.* | 36,628 | ||||||||
10,061 | Mueller Industries, Inc. | 221,040 | ||||||||
14,874 | NACCO Industries, Inc. | 568,931 | ||||||||
17,744 | The Toro Co. | 539,063 | ||||||||
89,945 | Wabash National Corp. | 112,431 | ||||||||
1,706,497 | ||||||||||
Media – 0.6% | ||||||||||
56,009 | Cox Radio, Inc.* | 268,843 | ||||||||
106,638 | Entercom Communications Corp.(a) | 177,019 | ||||||||
57,332 | Live Nation, Inc.* | 224,168 | ||||||||
670,030 | ||||||||||
Metals & Mining – 2.3% | ||||||||||
11,303 | A.M. Castle & Co. | 109,526 | ||||||||
23,549 | Brush Engineered Materials, Inc.* | 398,449 | ||||||||
21,019 | Compass Minerals International, Inc.(a) | 1,013,536 | ||||||||
5,425 | Horsehead Holding Corp.* | 38,735 | ||||||||
18,311 | Kaiser Aluminum Corp. | 540,907 | ||||||||
38,429 | Sutor Technology Group Ltd.* | 86,465 | ||||||||
41,373 | Worthington Industries, Inc. | 616,458 | ||||||||
2,804,076 | ||||||||||
Multi-Utilities – 1.3% | ||||||||||
7,454 | Avista Corp. | 112,183 | ||||||||
23,441 | Black Hills Corp.(a) | 466,007 | ||||||||
13,066 | CH Energy Group, Inc. | 580,653 | ||||||||
11,175 | NorthWestern Corp. | 233,781 | ||||||||
26,484 | PNM Resources, Inc. | 225,643 | ||||||||
1,618,267 | ||||||||||
Multiline Retail – 1.0% | ||||||||||
22,893 | 99 Cents Only Stores* | 245,871 | ||||||||
64,934 | Fred’s, Inc. | 886,998 | ||||||||
5,572 | Tuesday Morning Corp.* | 19,001 | ||||||||
1,151,870 | ||||||||||
Oil, Gas & Consumable Fuels – 3.3% | ||||||||||
14,110 | Berry Petroleum Co. | 232,533 | ||||||||
10,813 | Bill Barrett Corp.*(a) | 280,922 | ||||||||
2,327 | Cimarex Energy Co. | 62,596 | ||||||||
40,510 | Delek US Holdings, Inc. | 416,038 | ||||||||
14,643 | Frontier Oil Corp. | 186,113 | ||||||||
732 | Overseas Shipholding Group, Inc. | 21,016 | ||||||||
12,725 | PetroQuest Energy, Inc.* | 38,302 | ||||||||
38,820 | Rosetta Resources, Inc.* | 273,681 | ||||||||
3,606 | St. Mary Land & Exploration Co. | 64,439 | ||||||||
14,473 | Swift Energy Co.* | 156,598 | ||||||||
31,194 | Tesoro Corp.(b) | 475,708 | ||||||||
42,801 | VAALCO Energy, Inc.* | 204,161 | ||||||||
31,136 | Venoco, Inc.* | 136,064 | ||||||||
44,145 | Western Refining, Inc.*(a) | 555,786 | ||||||||
23,719 | World Fuel Services Corp. | 904,405 | ||||||||
4,008,362 | ||||||||||
Paper & Forest Products – 0.5% | ||||||||||
41,738 | Buckeye Technologies, Inc.* | 214,951 | ||||||||
18,931 | Clearwater Paper Corp.* | 288,130 | ||||||||
19,609 | Louisiana-Pacific Corp. | 79,808 | ||||||||
582,889 | ||||||||||
Personal Products – 0.5% | ||||||||||
104,185 | Mannatech, Inc.(a) | 455,288 | ||||||||
17,901 | Prestige Brands Holdings, Inc.* | 115,641 | ||||||||
570,929 | ||||||||||
Pharmaceuticals* – 0.4% | ||||||||||
77,128 | DepoMed, Inc. | 160,426 | ||||||||
51,061 | Questcor Pharmaceuticals, Inc. | 229,775 | ||||||||
3,086 | Valeant Pharmaceuticals International(a) | 51,721 | ||||||||
441,922 | ||||||||||
Professional Services – 3.0% | ||||||||||
24,275 | Heidrick & Struggles International, Inc. | 410,248 | ||||||||
52,653 | Kelly Services, Inc. | 598,138 | ||||||||
36,807 | Kforce, Inc.* | 401,564 | ||||||||
8,889 | Korn/Ferry International* | 94,135 | ||||||||
121,520 | MPS Group, Inc.* | 977,021 | ||||||||
148,748 | Spherion Corp.* | 534,005 | ||||||||
19,914 | TrueBlue, Inc.* | 193,365 | ||||||||
52,406 | Volt Information Sciences, Inc.* | 376,275 | ||||||||
3,584,751 | ||||||||||
Real Estate Investment Trusts – 9.1% | ||||||||||
8,259 | Associated Estates Realty Corp. | 45,837 | ||||||||
19,344 | Brandywine Realty Trust | 119,739 | ||||||||
12,772 | BRE Properties, Inc. | 313,808 | ||||||||
4,892 | Digital Realty Trust, Inc. | 176,161 | ||||||||
8,385 | Equity Lifestyle Properties, Inc. | 332,633 | ||||||||
3,914 | Federal Realty Investment Trust(a) | 216,053 | ||||||||
75,058 | Franklin Street Properties Corp.(a) | 1,002,024 | ||||||||
4,521 | Healthcare Realty Trust, Inc. | 75,907 | ||||||||
26,396 | Highwoods Properties, Inc. | 633,240 | ||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Real Estate Investment Trusts – (continued) | ||||||||||
17,568 | LaSalle Hotel Properties | $ | 210,113 | |||||||
28,943 | Liberty Property Trust | 704,473 | ||||||||
52,794 | LTC Properties, Inc. | 950,820 | ||||||||
9,377 | National Health Investors, Inc. | 251,491 | ||||||||
19,297 | Nationwide Health Properties, Inc. | 476,443 | ||||||||
64,321 | OMEGA Healthcare Investors, Inc. | 1,011,126 | ||||||||
8,932 | Rayonier, Inc. | 344,954 | ||||||||
87,927 | Realty Income Corp.(a) | 1,963,410 | ||||||||
11,766 | Regency Centers Corp. | 440,637 | ||||||||
1,895 | Saul Centers, Inc. | 60,337 | ||||||||
71,258 | Senior Housing Properties Trust | 1,167,919 | ||||||||
13,702 | Universal Health Realty Income Trust | 438,738 | ||||||||
10,935,863 | ||||||||||
Road & Rail – 1.6% | ||||||||||
4,133 | Arkansas Best Corp. | 95,390 | ||||||||
31,234 | Marten Transport Ltd.* | 647,793 | ||||||||
30,806 | Saia, Inc.* | 402,326 | ||||||||
13,865 | Universal Truckload Services, Inc. | 170,817 | ||||||||
40,246 | Werner Enterprises, Inc.(a) | 658,022 | ||||||||
1,974,348 | ||||||||||
Semiconductors & Semiconductor Equipment – 3.5% | ||||||||||
6,881 | Actel Corp.* | 85,118 | ||||||||
71,076 | Amkor Technology, Inc.* | 306,338 | ||||||||
74,554 | Applied Micro Circuits Corp.* | 406,319 | ||||||||
9,524 | Cirrus Logic, Inc.* | 44,287 | ||||||||
15,648 | Cohu, Inc. | 152,724 | ||||||||
41,507 | DSP Group, Inc.* | 261,079 | ||||||||
131,756 | Entegris, Inc.* | 194,999 | ||||||||
80,404 | Exar Corp.* | 494,485 | ||||||||
251,250 | Lattice Semiconductor Corp.* | 437,175 | ||||||||
67,831 | MIPS Technologies, Inc.* | 225,199 | ||||||||
43,632 | RF Micro Devices, Inc.* | 92,063 | ||||||||
17,353 | Rudolph Technologies, Inc.* | 90,756 | ||||||||
161,046 | Silicon Image, Inc.* | 438,045 | ||||||||
172,608 | Silicon Storage Technology, Inc.* | 319,325 | ||||||||
55,991 | SiRF Technology Holdings, Inc.* | 155,655 | ||||||||
19,164 | Trident Microsystems, Inc.* | 26,255 | ||||||||
6,944 | Ultratech, Inc.* | 93,883 | ||||||||
38,076 | Zoran Corp.* | 340,399 | ||||||||
4,164,104 | ||||||||||
Software – 2.3% | ||||||||||
21,154 | ArcSight, Inc.* | 319,426 | ||||||||
12,110 | Blackbaud, Inc. | 184,314 | ||||||||
41,447 | Commvault Systems, Inc.*(a) | 516,015 | ||||||||
4,831 | Digimarc Corp.* | 48,117 | ||||||||
30,802 | i2 Technologies, Inc.* | 274,754 | ||||||||
60,296 | Mentor Graphics Corp.* | 405,189 | ||||||||
64,656 | OpenTV Corp.* | 95,044 | ||||||||
24,205 | QAD, Inc. | 64,385 | ||||||||
41,225 | Symyx Technologies, Inc.* | 199,529 | ||||||||
54,407 | TIBCO Software, Inc.* | 343,852 | ||||||||
33,590 | TiVo, Inc.* | 251,925 | ||||||||
2,702,550 | ||||||||||
Specialty Retail – 4.9% | ||||||||||
2,644 | Aeropostale, Inc.* | 89,817 | ||||||||
40,301 | Asbury Automotive Group, Inc. | 389,711 | ||||||||
54,227 | Brown Shoe Co., Inc. | 348,679 | ||||||||
66,284 | Build-A-Bear Workshop, Inc.*(a) | 361,911 | ||||||||
15,718 | Charlotte Russe Holding, Inc.* | 197,261 | ||||||||
82,442 | Charming Shoppes, Inc.* | 287,722 | ||||||||
2,548 | Citi Trends, Inc.* | 62,579 | ||||||||
8,321 | Conn’s, Inc.*(a) | 136,797 | ||||||||
20,263 | Genesco, Inc.* | 461,591 | ||||||||
83,841 | Hot Topic, Inc.*(a) | 1,026,214 | ||||||||
21,353 | Jo-Ann Stores, Inc.* | 391,187 | ||||||||
5,423 | Jos. A. Bank Clothiers, Inc.* | 219,306 | ||||||||
1,628 | Monro Muffler Brake, Inc. | 40,651 | ||||||||
3,399 | PetSmart, Inc. | 77,769 | ||||||||
10,811 | Rent-A-Center, Inc.* | 208,112 | ||||||||
86,563 | Stage Stores, Inc. | 1,060,397 | ||||||||
26,168 | The Cato Corp. | 502,949 | ||||||||
5,862,653 | ||||||||||
Textiles, Apparel & Luxury Goods – 1.1% | ||||||||||
48,703 | Carter’s, Inc.* | 1,041,270 | ||||||||
1,460 | Columbia Sportswear Co. | 44,851 | ||||||||
2,067 | Steven Madden Ltd.* | 60,811 | ||||||||
10,048 | The Timberland Co.* | 163,180 | ||||||||
1,310,112 | ||||||||||
Thrifts & Mortgage Finance – 1.9% | ||||||||||
16,161 | Abington Bancorp, Inc. | 142,055 | ||||||||
57,379 | Brookline Bancorp, Inc. | 569,200 | ||||||||
111,359 | First Financial Northwest, Inc.(a) | 898,667 | ||||||||
52,573 | Provident Financial Services, Inc. | 560,954 | ||||||||
12,890 | Washington Federal, Inc. | 167,312 | ||||||||
2,338,188 | ||||||||||
Tobacco* – 0.1% | ||||||||||
20,738 | Alliance One International, Inc. | 77,768 | ||||||||
Trading Companies & Distributors – 0.3% | ||||||||||
10,143 | Aircastle Ltd. | 66,944 | ||||||||
6,509 | Watsco, Inc. | 279,561 | ||||||||
346,505 | ||||||||||
Water Utilities – 0.2% | ||||||||||
7,497 | SJW Corp. | 188,924 | ||||||||
7,748 | Southwest Water Co. | 44,474 | ||||||||
233,398 | ||||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Wireless Telecommunication Services – 1.4% | ||||||||||
26,708 | Syniverse Holdings, Inc.* | $ | 336,520 | |||||||
116,695 | USA Mobility, Inc. | 1,297,648 | ||||||||
2,151 | Virgin Mobile USA, Inc.* | 4,410 | ||||||||
1,638,578 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $124,673,435) | $ | 117,770,819 | ||||||||
Expiration | ||||||||||||||||
Units | Description | Month | Value | |||||||||||||
Warrants* – 0.0% | ||||||||||||||||
Granite Broadcasting Corp. | ||||||||||||||||
5,013 | 06/12 | $ | 44 | |||||||||||||
(Cost $263,962) | ||||||||||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement(c) – 2.6% | ||||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||||
$ | 3,100,000 | 0.176 | % | 05/01/09 | $ | 3,100,000 | ||||||||||
Maturity Value: $3,100,015 | ||||||||||||||||
(Cost $3,100,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||||||
(Cost $128,037,397) | $ | 120,870,863 | ||||||||||||||
Shares | Rate | Value | ||||||||||
Securities Lending Reinvestment Vehicle(d)(e) – 15.5% | ||||||||||||
Boston Global Investment Trust – Enhanced Portfolio II | ||||||||||||
18,855,497 | 0.456 | % | $ | 18,648,087 | ||||||||
(Cost $18,548,637) | ||||||||||||
TOTAL INVESTMENTS – 116.3% | ||||||||||||
(Cost $146,586,034) | $ | 139,518,950 | ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – (16.3%) | (19,547,259 | ) | ||||||||||
NET ASSETS – 100.0% | $ | 119,971,691 | ||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | All or a portion of security is segregated for initial margin requirements on futures transactions. | |
(c) | Joint repurchase agreement was entered into on April 30, 2009. Additional information appears on page 87. | |
(d) | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009. | |
(e) | Represents an affiliated issuer. |
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACT — At April 30, 2009, the following futures contract was open:
Number of | Settlement | Notional | Unrealized | |||||||||||
Type | Contracts Long | Month | Value | Gain | ||||||||||
Russell Mini 2000 Index | 53 | June 2009 | $ | 2,579,510 | $ | 533,085 | ||||||||
GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – 97.8% | ||||||||||
Aerospace & Defense – 1.7% | ||||||||||
4,714 | Goodrich Corp. | $ | 208,736 | |||||||
60,787 | Lockheed Martin Corp. | 4,773,603 | ||||||||
23,018 | Northrop Grumman Corp.(a) | 1,112,920 | ||||||||
40,052 | The Boeing Co. | 1,604,083 | ||||||||
24,687 | United Technologies Corp. | 1,205,713 | ||||||||
8,905,055 | ||||||||||
Air Freight & Logistics – 2.3% | ||||||||||
52,983 | C.H. Robinson Worldwide, Inc. | 2,816,576 | ||||||||
72,710 | Expeditors International of Washington, Inc.(b) | 2,523,764 | ||||||||
57,860 | FedEx Corp. | 3,237,846 | ||||||||
63,169 | United Parcel Service, Inc. Class B | 3,306,265 | ||||||||
11,884,451 | ||||||||||
Auto Components – 0.6% | ||||||||||
1,038 | Federal-Mogul Corp.* | 11,522 | ||||||||
163,191 | Johnson Controls, Inc. | 3,102,261 | ||||||||
3,113,783 | ||||||||||
Beverages – 2.1% | ||||||||||
65,722 | Coca-Cola Enterprises, Inc. | 1,121,218 | ||||||||
9,630 | Dr. Pepper Snapple Group, Inc.* | 199,437 | ||||||||
154,554 | Hansen Natural Corp.*(b) | 6,299,621 | ||||||||
64,421 | PepsiCo, Inc. | 3,205,589 | ||||||||
4,984 | The Coca-Cola Co. | 214,561 | ||||||||
11,040,426 | ||||||||||
Biotechnology* – 3.2% | ||||||||||
97,290 | Amgen, Inc. | 4,715,646 | ||||||||
61,147 | Biogen Idec, Inc. | 2,955,846 | ||||||||
191,018 | Gilead Sciences, Inc.(b) | 8,748,625 | ||||||||
16,420,117 | ||||||||||
Building Products* – 0.0% | ||||||||||
1,002 | Armstrong World Industries, Inc. | 18,216 | ||||||||
Capital Markets – 3.6% | ||||||||||
37,337 | Bank of New York Mellon Corp. | 951,347 | ||||||||
14,180 | BlackRock, Inc. | 2,077,654 | ||||||||
145,505 | Eaton Vance Corp. | 3,982,472 | ||||||||
49,239 | Federated Investors, Inc. Class B | 1,126,588 | ||||||||
26,217 | Franklin Resources, Inc. | 1,585,604 | ||||||||
76,449 | Morgan Stanley | 1,807,254 | ||||||||
144,442 | SEI Investments Co. | 2,026,521 | ||||||||
88,873 | T. Rowe Price Group, Inc.(b) | 3,423,388 | ||||||||
83,726 | The Charles Schwab Corp. | 1,547,257 | ||||||||
18,528,085 | ||||||||||
Chemicals – 1.1% | ||||||||||
16,601 | Ecolab, Inc. | 639,968 | ||||||||
44,646 | Huntsman Corp. | 239,303 | ||||||||
51,463 | Monsanto Co. | 4,368,694 | ||||||||
33,970 | The Dow Chemical Co. | 543,520 | ||||||||
5,791,485 | ||||||||||
Commercial Banks – 2.6% | ||||||||||
77,144 | BB&T Corp.(b) | 1,800,541 | ||||||||
93,291 | Comerica, Inc. | 1,957,245 | ||||||||
192,023 | U.S. Bancorp | 3,498,659 | ||||||||
321,736 | Wells Fargo & Co.(b) | 6,437,938 | ||||||||
13,694,383 | ||||||||||
Communications Equipment – 2.8% | ||||||||||
538,234 | Cisco Systems, Inc.* | 10,398,681 | ||||||||
80,096 | QUALCOMM, Inc. | 3,389,663 | ||||||||
176,582 | Tellabs, Inc.* | 925,289 | ||||||||
14,713,633 | ||||||||||
Computers & Peripherals – 4.9% | ||||||||||
47,953 | Apple, Inc.*(a) | 6,033,926 | ||||||||
216,080 | Dell, Inc.* | 2,510,850 | ||||||||
445,600 | EMC Corp.*(b) | 5,583,368 | ||||||||
51,973 | International Business Machines Corp. | 5,364,133 | ||||||||
197,873 | NetApp, Inc.*(b) | 3,621,076 | ||||||||
115,368 | Seagate Technology | 941,403 | ||||||||
53,409 | Sun Microsystems, Inc.* | 489,226 | ||||||||
43,550 | Western Digital Corp.* | 1,024,296 | ||||||||
25,568,278 | ||||||||||
Construction & Engineering – 0.3% | ||||||||||
4,556 | Fluor Corp. | 172,536 | ||||||||
37,788 | URS Corp.* | 1,664,939 | ||||||||
1,837,475 | ||||||||||
Containers & Packaging – 0.6% | ||||||||||
68,200 | Ball Corp. | 2,572,504 | ||||||||
14,504 | Sonoco Products Co. | 354,043 | ||||||||
2,926,547 | ||||||||||
Diversified Financial Services – 2.8% | ||||||||||
313,015 | Bank of America Corp. | 2,795,224 | ||||||||
877,497 | Citigroup, Inc.(b) | 2,676,366 | ||||||||
4,509 | CME Group, Inc. | 998,067 | ||||||||
210,180 | JPMorgan Chase & Co. | 6,935,940 | ||||||||
31,043 | Moody’s Corp. | 916,389 | ||||||||
14,321,986 | ||||||||||
Diversified Telecommunication Services – 3.5% | ||||||||||
230,874 | AT&T, Inc. | 5,914,992 | ||||||||
171,592 | Embarq Corp. | 6,273,403 | ||||||||
200,615 | Verizon Communications, Inc.(b) | 6,086,659 | ||||||||
18,275,054 | ||||||||||
Electric Utilities – 1.4% | ||||||||||
11,460 | Duke Energy Corp. | 158,262 | ||||||||
117,036 | Exelon Corp.(b) | 5,398,871 | ||||||||
65,656 | PPL Corp. | 1,963,771 | ||||||||
7,520,904 | ||||||||||
Electrical Equipment – 1.5% | ||||||||||
226,700 | Emerson Electric Co. | 7,716,868 | ||||||||
GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Electronic Equipment, Instruments & Components* – 0.4% | ||||||||||
113,385 | Ingram Micro, Inc. | $ | 1,646,350 | |||||||
11,287 | Tech Data Corp. | 324,953 | ||||||||
1,971,303 | ||||||||||
Energy Equipment & Services – 0.9% | ||||||||||
91,381 | Schlumberger Ltd. | 4,476,755 | ||||||||
Food & Staples Retailing – 3.4% | ||||||||||
130,434 | BJ’s Wholesale Club, Inc.*(b) | 4,348,669 | ||||||||
4,008 | Costco Wholesale Corp. | 194,789 | ||||||||
28,582 | SUPERVALU, Inc. | 467,316 | ||||||||
248,812 | Wal-Mart Stores, Inc. | 12,540,125 | ||||||||
17,550,899 | ||||||||||
Food Products – 1.6% | ||||||||||
91,958 | Archer-Daniels-Midland Co. | 2,264,006 | ||||||||
49,874 | Bunge Ltd.(b) | 2,394,451 | ||||||||
22,722 | Campbell Soup Co. | 584,410 | ||||||||
32,687 | Hormel Foods Corp. | 1,022,776 | ||||||||
25,643 | The Hershey Co. | 926,738 | ||||||||
87,040 | Tyson Foods, Inc. | 917,401 | ||||||||
8,109,782 | ||||||||||
Health Care Equipment & Supplies – 1.1% | ||||||||||
283,714 | Boston Scientific Corp.* | 2,386,035 | ||||||||
91,850 | Hologic, Inc.*(b) | 1,364,891 | ||||||||
50,176 | Medtronic, Inc. | 1,605,632 | ||||||||
15,165 | Varian Medical Systems, Inc.* | 506,056 | ||||||||
5,862,614 | ||||||||||
Health Care Providers & Services – 1.8% | ||||||||||
21,595 | AmerisourceBergen Corp.(a) | 726,456 | ||||||||
84,184 | Coventry Health Care, Inc.* | 1,339,367 | ||||||||
92,134 | Humana, Inc.* | 2,651,616 | ||||||||
40,423 | McKesson Corp. | 1,495,651 | ||||||||
47,471 | Medco Health Solutions, Inc.* | 2,067,362 | ||||||||
21,231 | WellPoint, Inc.* | 907,838 | ||||||||
9,188,290 | ||||||||||
Health Care Technology* – 0.3% | ||||||||||
4,441 | Cerner Corp. | 238,926 | ||||||||
118,918 | Hlth Corp.(b) | 1,308,098 | ||||||||
1,547,024 | ||||||||||
Hotels, Restaurants & Leisure – 2.3% | ||||||||||
83,842 | McDonald’s Corp. | 4,467,940 | ||||||||
52,056 | Panera Bread Co.*(b) | 2,915,657 | ||||||||
63,553 | Wyndham Worldwide Corp. | 742,299 | ||||||||
107,460 | Yum! Brands, Inc. | 3,583,791 | ||||||||
11,709,687 | ||||||||||
Household Durables – 0.3% | ||||||||||
75,104 | Harman International Industries, Inc. | 1,366,142 | ||||||||
Household Products – 1.8% | ||||||||||
112,505 | Colgate-Palmolive Co. | 6,637,795 | ||||||||
50,491 | The Procter & Gamble Co. | 2,496,275 | ||||||||
9,134,070 | ||||||||||
Independent Power Producers & Energy Traders* – 0.5% | ||||||||||
827,223 | Dynegy, Inc. | 1,472,457 | ||||||||
102,930 | Mirant Corp. | 1,310,299 | ||||||||
2,782,756 | ||||||||||
Industrial Conglomerates – 0.8% | ||||||||||
253,091 | General Electric Co. | 3,201,601 | ||||||||
46,679 | Tyco International Ltd. | 1,109,093 | ||||||||
4,310,694 | ||||||||||
Insurance – 1.7% | ||||||||||
44,175 | Aflac, Inc. | 1,276,216 | ||||||||
8,589 | Endurance Specialty Holdings Ltd.(b) | 224,688 | ||||||||
31,521 | First American Corp. | 885,110 | ||||||||
59,978 | HCC Insurance Holdings, Inc. | 1,434,674 | ||||||||
131,150 | Loews Corp. | 3,264,323 | ||||||||
30,958 | The Travelers Cos., Inc. | 1,273,612 | ||||||||
20,178 | Unum Group | 329,709 | ||||||||
8,688,332 | ||||||||||
Internet Software & Services* – 1.6% | ||||||||||
15,474 | Google, Inc. | 6,127,240 | ||||||||
15,452 | Sohu.com, Inc.(b) | 805,822 | ||||||||
75,024 | VeriSign, Inc. | 1,543,994 | ||||||||
8,477,056 | ||||||||||
IT Services – 1.8% | ||||||||||
312,076 | Accenture Ltd. | 9,184,397 | ||||||||
Life Sciences Tools & Services* – 0.3% | ||||||||||
42,393 | Thermo Fisher Scientific, Inc. | 1,487,146 | ||||||||
Machinery – 0.7% | ||||||||||
35,303 | AGCO Corp.*(a) | 857,863 | ||||||||
6,055 | Danaher Corp. | 353,854 | ||||||||
22,561 | Illinois Tool Works, Inc. | 740,001 | ||||||||
62,975 | The Toro Co.(b) | 1,913,180 | ||||||||
3,864,898 | ||||||||||
Media – 3.4% | ||||||||||
65,022 | CBS Corp. Class B | 457,755 | ||||||||
228,991 | Comcast Corp. | 3,540,201 | ||||||||
47,898 | Comcast Corp. Special Class A | 703,143 | ||||||||
96,518 | The Walt Disney Co. | 2,113,744 | ||||||||
153,169 | Time Warner Cable, Inc. | 4,936,637 | ||||||||
281,134 | Time Warner, Inc. | 6,137,155 | ||||||||
17,888,635 | ||||||||||
Metals & Mining – 0.9% | ||||||||||
14,361 | Allegheny Technologies, Inc. | 470,036 | ||||||||
8,409 | Newmont Mining Corp. | 338,378 | ||||||||
75,995 | Reliance Steel & Aluminum Co. | 2,677,304 | ||||||||
GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Metals & Mining – (continued) | ||||||||||
11,590 | Schnitzer Steel Industries, Inc.(b) | $ | 574,400 | |||||||
46,838 | Southern Copper Corp. | 869,782 | ||||||||
4,929,900 | ||||||||||
Multi-Utilities – 0.2% | ||||||||||
21,941 | Integrys Energy Group, Inc. | 579,462 | ||||||||
49,403 | NiSource, Inc. | 542,939 | ||||||||
1,122,401 | ||||||||||
Multiline Retail – 1.5% | ||||||||||
13,279 | Dollar Tree, Inc.* | 562,233 | ||||||||
211,798 | Family Dollar Stores, Inc. | 7,029,575 | ||||||||
7,591,808 | ||||||||||
Oil, Gas & Consumable Fuels – 12.7% | ||||||||||
33,481 | Apache Corp. | 2,439,426 | ||||||||
173,412 | Chevron Corp. | 11,462,533 | ||||||||
2,096 | Cimarex Energy Co. | 56,382 | ||||||||
111,905 | ConocoPhillips | 4,588,105 | ||||||||
86,192 | Devon Energy Corp. | 4,469,055 | ||||||||
363,657 | Exxon Mobil Corp.(b) | 24,245,012 | ||||||||
71,181 | Frontier Oil Corp. | 904,710 | ||||||||
44,067 | Murphy Oil Corp. | 2,102,437 | ||||||||
46,400 | Occidental Petroleum Corp. | 2,611,856 | ||||||||
92,433 | Sunoco, Inc. | 2,450,399 | ||||||||
219,776 | Tesoro Corp.(b) | 3,351,584 | ||||||||
356,502 | Valero Energy Corp. | 7,073,000 | ||||||||
65,754,499 | ||||||||||
Pharmaceuticals – 6.1% | ||||||||||
50,062 | Bristol-Myers Squibb Co. | 961,190 | ||||||||
286,583 | Eli Lilly & Co. | 9,434,312 | ||||||||
56,015 | Forest Laboratories, Inc.* | 1,214,965 | ||||||||
102,520 | Johnson & Johnson(b) | 5,367,947 | ||||||||
118,027 | King Pharmaceuticals, Inc.* | 930,053 | ||||||||
182,967 | Merck & Co., Inc. | 4,435,120 | ||||||||
358,929 | Pfizer, Inc. | 4,795,292 | ||||||||
190,687 | Schering-Plough Corp. | 4,389,615 | ||||||||
31,528,494 | ||||||||||
Professional Services – 0.6% | ||||||||||
38,738 | Manpower, Inc. | 1,669,220 | ||||||||
57,588 | Robert Half International, Inc.(b) | 1,383,264 | ||||||||
3,052,484 | ||||||||||
Real Estate Investment Trusts – 1.0% | ||||||||||
9,284 | Federal Realty Investment Trust(b) | 512,477 | ||||||||
63,286 | Nationwide Health Properties, Inc.(b) | 1,562,531 | ||||||||
27,696 | Plum Creek Timber Co., Inc.(b) | 956,066 | ||||||||
17,649 | Rayonier, Inc. | 681,604 | ||||||||
78,656 | SL Green Realty Corp.(b) | 1,389,065 | ||||||||
5,101,743 | ||||||||||
Road & Rail(b) – 1.0% | ||||||||||
182,369 | J.B. Hunt Transportation Services, Inc. | 5,128,216 | ||||||||
Semiconductors & Semiconductor Equipment – 3.0% | ||||||||||
188,616 | Broadcom Corp.* | 4,374,005 | ||||||||
96,180 | Cypress Semiconductor Corp.* | 762,707 | ||||||||
15,392 | Integrated Device Technology, Inc.* | 83,578 | ||||||||
392,592 | Intel Corp. | 6,195,102 | ||||||||
100,889 | LSI Corp.* | 387,414 | ||||||||
41,966 | Marvell Technology Group Ltd.* | 460,787 | ||||||||
182,505 | Texas Instruments, Inc. | 3,296,040 | ||||||||
15,559,633 | ||||||||||
Software – 4.7% | ||||||||||
132,149 | Adobe Systems, Inc.* | 3,614,275 | ||||||||
953,393 | Microsoft Corp. | 19,315,742 | ||||||||
79,010 | Symantec Corp.* | 1,362,923 | ||||||||
24,292,940 | ||||||||||
Specialty Retail – 2.3% | ||||||||||
11,839 | Barnes & Noble, Inc. | 309,235 | ||||||||
204,697 | PetSmart, Inc. | 4,683,467 | ||||||||
107,198 | Ross Stores, Inc. | 4,067,092 | ||||||||
3,827 | Signet Jewelers Ltd. | 60,735 | ||||||||
97,332 | The TJX Cos., Inc. | 2,722,376 | ||||||||
11,842,905 | ||||||||||
Textiles, Apparel & Luxury Goods – 0.0% | ||||||||||
8,615 | Jones Apparel Group, Inc. | 79,603 | ||||||||
Thrifts & Mortgage Finance – 0.1% | ||||||||||
30,226 | Hudson City Bancorp, Inc. | 379,639 | ||||||||
Tobacco – 3.1% | ||||||||||
157,807 | Lorillard, Inc. | 9,962,356 | ||||||||
167,639 | Philip Morris International, Inc. | 6,068,532 | ||||||||
16,030,888 | ||||||||||
Water Utilities – 0.0% | ||||||||||
9,564 | American Water Works Co., Inc. | 172,152 | ||||||||
Wireless Telecommunication Services* – 0.9% | ||||||||||
5,696 | Leap Wireless International, Inc. | 205,455 | ||||||||
76,117 | NII Holdings, Inc. | 1,230,051 | ||||||||
744,607 | Sprint Nextel Corp. | 3,246,486 | ||||||||
4,681,992 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $541,893,500) | $ | 507,126,523 | ||||||||
GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement(c) – 2.8% | ||||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||||
$ | 14,700,000 | 0.176 | % | 05/01/09 | $ | 14,700,000 | ||||||||||
Maturity Value: $14,700,072 | ||||||||||||||||
(Cost $14,700,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||||||
(Cost $556,593,500) | $ | 521,826,523 | ||||||||||||||
Shares | Rate | Value | ||||||||||
Securities Lending Reinvestment Vehicle(d)(e) – 10.1% | ||||||||||||
Boston Global Investment Trust – Enhanced Portfolio II | ||||||||||||
53,115,223 | 0.456 | % | $ | 52,530,956 | ||||||||
(Cost $52,130,736) | ||||||||||||
TOTAL INVESTMENTS – 110.7% | ||||||||||||
(Cost $608,724,236) | $ | 574,357,479 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (10.7)% | (55,637,227 | ) | ||||||||||
NET ASSETS – 100.0% | $ | 518,720,252 | ||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
* | Non-income producing security. | |
(a) | All or a portion of security is segregated as collateral for initial margin requirements on futures transactions. | |
(b) | All or a portion of security is on loan. | |
(c) | Joint repurchase agreement was entered into on April 30, 2009. Additional information appears on page 87. | |
(d) | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009. | |
(e) | Represents an affiliated issuer. |
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACT — At April 30, 2009, the following futures contract was open:
Number of | ||||||||||||||||
Contracts | Settlement | Notional | Unrealized | |||||||||||||
Type | Long | Month | Value | Gain | ||||||||||||
S&P Mini 500 Index | 235 | June 2009 | $ | 10,222,500 | $ | 1,363,042 | ||||||||||
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
ADDITIONAL INVESTMENT INFORMATION (continued)
JOINT REPURCHASE AGREEMENT ACCOUNT II — At April 30, 2009, the Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:
Fund | Principal Amount | |||
Balanced | $ | 4,500,000 | ||
Structured Large Cap Growth | 22,400,000 | |||
Structured Large Cap Value | 21,100,000 | |||
Structured Small Cap Equity | 13,700,000 | |||
Structured Small Cap Growth | 800,000 | |||
Structured Small Cap Value | 3,100,000 | |||
Structured U.S. Equity | 14,700,000 | |||
REPURCHASE AGREEMENTS
Principal | Interest | Maturity | Maturity | |||||||||||||
Counterparty | Amount | Rate | Date | Value | ||||||||||||
Banc of America Securities LLC | $ | 7,750,000,000 | 0.18 | % | 05/01/09 | $ | 7,750,038,750 | |||||||||
Barclays Capital, Inc. | 5,500,000,000 | 0.16 | 05/01/09 | 5,500,024,444 | ||||||||||||
Barclays Capital, Inc. | 5,750,000,000 | 0.18 | 05/01/09 | 5,750,028,750 | ||||||||||||
Barclays Capital, Inc. | 1,000,000,000 | 0.25 | 05/01/09 | 1,000,006,944 | ||||||||||||
Citigroup Global Markets, Inc. | 2,000,000,000 | 0.19 | 05/01/09 | 2,000,010,556 | ||||||||||||
Credit Suisse Securities (USA) LLC | 2,500,000,000 | 0.18 | 05/01/09 | 2,500,012,500 | ||||||||||||
Credit Suisse Securities (USA) LLC | 300,000,000 | 0.22 | 05/01/09 | 300,001,833 | ||||||||||||
Deutsche Bank Securities, Inc. | 5,000,000,000 | 0.16 | 05/01/09 | 5,000,022,222 | ||||||||||||
Deutsche Bank Securities, Inc. | 250,000,000 | 0.22 | 05/01/09 | 250,001,528 | ||||||||||||
JPMorgan Securities | 2,700,000,000 | 0.18 | 05/01/09 | 2,700,013,500 | ||||||||||||
Merrill Lynch & Co., Inc. | 750,000,000 | 0.17 | 05/01/09 | 750,003,542 | ||||||||||||
Merrill Lynch & Co., Inc. | 250,000,000 | 0.29 | 05/01/09 | 250,002,014 | ||||||||||||
Merrill Lynch & Co., Inc. | 50,000,000 | 0.30 | 05/01/09 | 50,000,417 | ||||||||||||
Morgan Stanley & Co. | 1,950,000,000 | 0.14 | 05/01/09 | 1,950,007,583 | ||||||||||||
RBS Securities, Inc. | 500,000,000 | 0.19 | 05/01/09 | 500,002,639 | ||||||||||||
UBS Securities LLC | 294,300,000 | 0.16 | 05/01/09 | 294,301,308 | ||||||||||||
Wachovia Capital Markets | 300,000,000 | 0.17 | 05/01/09 | 300,001,417 | ||||||||||||
TOTAL | $ | 36,844,479,947 | ||||||||||||||
At April 30, 2009, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank, 5.410% , due 04/17/36; Federal Home Loan Bank, 1.375% to 7.375%, due 06/12/09 to 06/12/26; Federal Home Loan Mortgage Corp., 1.039% to 15.000%, due 05/01/09 to 04/01/39; Federal National Mortgage Association, 0.000% to 16.000%, due 05/01/09 to 02/01/49; Government National Mortgage Association, 5.000% to 6.500%, due 10/20/37 to 04/15/39; Tennessee Valley Authority, 5.625%, due 01/18/11; U.S. Treasury Bill, 0.000%, due 07/30/09 to 10/29/09; U.S. Treasury Inflation Protected Securities, 1.750% to 2.500%, due 04/15/11 to 11/15/29; U.S. Treasury Bonds, 5.250% to 8.500%, 02/15/20 to 11/15/28; U.S. Treasury Interest-Only Stripped Securities, 0.000% due 10/15/09 to 04/15/29; U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/09 to 04/15/29; U.S. Treasury Notes, 2.000% to 6.500%, due 10/15/09 to 11/15/18 and U.S. Cash Management Bill, 0.000% due 06/24/09. The aggregate market value of the collateral, including accrued interest, was $37,676,536,342.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Statements of Assets and Liabilities
April 30, 2009 (Unaudited)
Balanced Fund | ||||||||
Assets: | ||||||||
Investments in securities of unaffiliated issuers, at value (identified cost $123,500,035, $907,128,357, $949,476,364, $572,225,787, $33,711,314, $128,037,397 and $556,593,500, respectively)(a) | $ | 125,033,544 | ||||||
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $1,368,592, $73,952,433, $114,624,611, $87,862,878, $2,311,191, $18,548,637 and $52,130,736, respectively) | 1,373,142 | |||||||
Cash | 17,015 | |||||||
Foreign currencies, at value (identified cost $68,044 for the Balanced Fund) | 63,120 | |||||||
Receivables: | ||||||||
Investment securities sold | 4,297,736 | |||||||
Due from broker — swap collateral(b) | 604,251 | |||||||
Dividends and interest, at value | 490,628 | |||||||
Fund shares sold | 40,991 | |||||||
Foreign tax reclaims, at value | 2,036 | |||||||
Securities lending income | 1,858 | |||||||
Due from broker — variation margin, at value | 1,643 | |||||||
Reimbursement from adviser | — | |||||||
Swap contracts, at value (includes upfront payments made (received) of $162,866 for the Balanced Fund) | 669,689 | |||||||
Forward foreign currency exchange contracts, at value | 385 | |||||||
Other assets, at value | 36,713 | |||||||
Total assets | 132,632,751 | |||||||
Liabilities: | ||||||||
Due to Custodian | — | |||||||
Payables: | ||||||||
Investment securities purchased | 6,852,233 | |||||||
Payable upon return of securities loaned | 1,425,350 | |||||||
Forward sale contract, at value (proceeds receivable $1,030,781 for the Balanced Fund) | 1,028,516 | |||||||
Fund shares redeemed | 173,613 | |||||||
Amounts owed to affiliates | 138,065 | |||||||
Premium for swaps sold | 19,813 | |||||||
Due to broker — variation margin, at value | — | |||||||
Swap contracts, at value (includes upfront payments received of $264,112 for the Balanced Fund) | 832,580 | |||||||
Accrued expenses and other liabilities | 156,916 | |||||||
Total liabilities | 10,627,086 | |||||||
Net Assets: | ||||||||
Paid-in capital | 161,861,550 | |||||||
Accumulated undistributed net investment income | 123,538 | |||||||
Accumulated net realized loss from investment, futures, swap and foreign currency related transactions | (41,654,573 | ) | ||||||
Net unrealized gain (loss) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies | 1,675,150 | |||||||
NET ASSETS | $ | 122,005,665 | ||||||
Net Assets: | ||||||||
Class A | $ | 104,756,942 | ||||||
Class B | 8,844,678 | |||||||
Class C | 6,288,794 | |||||||
Institutional | 2,115,251 | |||||||
Service | — | |||||||
Class IR | — | |||||||
Class R | — | |||||||
Total Net Assets | $ | 122,005,665 | ||||||
Shares Outstanding $0.001 par value (unlimited shares authorized): | ||||||||
Class A | 7,541,909 | |||||||
Class B | 641,609 | |||||||
Class C | 457,491 | |||||||
Institutional | 150,105 | |||||||
Service | — | |||||||
Class IR | — | |||||||
Class R | — | |||||||
Net asset value, offering and redemption price per share:(c) | ||||||||
Class A | $13.89 | |||||||
Class B | 13.79 | |||||||
Class C | 13.75 | |||||||
Institutional | 14.09 | |||||||
Service | — | |||||||
Class IR | — | |||||||
Class R | — | |||||||
(a) | Includes loaned securities having a market value of $1,374,175, $76,251,231, $116,171,033, $88,667,078, $2,278,199, $18,784,626 and $53,522,712 for the Balanced, Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value and Structured U.S. Equity Funds, respectively. |
(b) | Represents restricted cash on deposit as collateral for swaps for the Balanced Fund. |
(c) | Maximum public offering price per share for Class A Shares of the Balanced, Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value and Structured U.S. Equity Funds (NAV per share multiplied by 1.0582) is $14.70, $9.06, $7.54, $7.54, $12.84, $16.70 and $17.67 respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Structured Large | Structured Large | Structured Small | Structured Small | Structured Small | Structured U.S. | |||||||||||||||||||
Cap Growth Fund | Cap Value Fund | Cap Equity Fund | Cap Growth Fund | Cap Value Fund | Equity Fund | |||||||||||||||||||
$ | 833,443,300 | $ | 833,918,050 | $ | 537,826,295 | $ | 32,234,438 | $ | 120,870,863 | $ | 521,826,523 | |||||||||||||
74,461,833 | 115,354,908 | 88,497,545 | 2,322,014 | 18,648,087 | 52,530,956 | |||||||||||||||||||
113,008 | 124,882 | 38,019 | — | 24,882 | 138,512 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | 15,637,066 | 449,012 | 1,765,447 | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
361,290 | 1,181,497 | 442,561 | 10,086 | 162,390 | 465,781 | |||||||||||||||||||
296,230 | 454,233 | 146,521 | 27,511 | 39,140 | 101,997 | |||||||||||||||||||
1,397 | 5,814 | — | — | — | 22,147 | |||||||||||||||||||
56,477 | 334,221 | 76,563 | 4,221 | 13,234 | 94,844 | |||||||||||||||||||
20,205 | 21,015 | — | — | — | — | |||||||||||||||||||
76,852 | 88,817 | 44,857 | 43,252 | 25,386 | 88,128 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
36,132 | 8,863 | 2,608 | 99,311 | — | 143,990 | |||||||||||||||||||
908,866,724 | 951,492,300 | 642,712,035 | 35,189,845 | 141,549,429 | 575,412,878 | |||||||||||||||||||
— | — | — | 54,448 | — | — | |||||||||||||||||||
— | — | 13,776,047 | 363,681 | 1,620,201 | — | |||||||||||||||||||
78,074,475 | 119,476,822 | 91,599,750 | 2,412,796 | 19,393,675 | 54,765,475 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
540,280 | 724,447 | 622,033 | 86,484 | 280,135 | 1,068,730 | |||||||||||||||||||
453,368 | 451,234 | 405,948 | 37,578 | 146,077 | 392,146 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | 47,880 | 2,310 | 11,130 | 48,175 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
134,723 | 182,427 | 169,542 | 106,623 | 126,520 | 418,100 | |||||||||||||||||||
79,202,846 | 120,834,930 | 106,621,200 | 3,063,920 | 21,577,738 | 56,692,626 | |||||||||||||||||||
1,768,222,260 | 1,645,617,288 | 953,833,860 | 59,675,504 | 229,406,239 | 878,303,361 | |||||||||||||||||||
6,015,820 | 1,159,075 | 3,916,927 | 72,127 | 252,470 | 3,685,973 | |||||||||||||||||||
(872,752,240 | ) | (702,654,486 | ) | (389,350,259 | ) | (26,266,293 | ) | (103,153,019 | ) | (330,265,367 | ) | |||||||||||||
(71,821,962 | ) | (113,464,507 | ) | (32,309,693 | ) | (1,355,413 | ) | (6,533,999 | ) | (33,003,715 | ) | |||||||||||||
$ | 829,663,878 | $ | 830,657,370 | $ | 536,090,835 | $ | 32,125,925 | $ | 119,971,691 | $ | 518,720,252 | |||||||||||||
$ | 201,382,640 | $ | 212,794,840 | $ | 127,856,798 | $ | 16,262,223 | $ | 69,136,587 | $ | 317,882,792 | |||||||||||||
11,812,723 | 3,391,508 | 2,754,449 | 8,082,172 | 29,664,101 | 28,669,427 | |||||||||||||||||||
13,846,416 | 11,415,426 | 9,678,300 | 4,382,451 | 19,471,844 | 34,996,992 | |||||||||||||||||||
602,498,869 | 596,543,466 | 393,989,719 | 3,386,475 | 1,686,624 | 134,658,649 | |||||||||||||||||||
110,671 | 6,486,116 | 1,770,839 | — | — | 2,483,807 | |||||||||||||||||||
6,029 | 6,589 | 6,265 | 6,324 | 6,287 | 5,888 | |||||||||||||||||||
6,530 | 19,425 | 34,465 | 6,280 | 6,248 | 22,697 | |||||||||||||||||||
$ | 829,663,878 | $ | 830,657,370 | $ | 536,090,835 | $ | 32,125,925 | $ | 119,971,691 | $ | 518,720,252 | |||||||||||||
23,537,443 | 29,865,599 | 17,938,492 | 1,340,148 | 4,381,213 | 19,039,579 | |||||||||||||||||||
1,491,016 | 478,840 | 428,816 | 764,614 | 2,657,152 | 1,833,635 | |||||||||||||||||||
1,747,265 | 1,612,904 | 1,500,372 | 411,165 | 1,544,786 | 2,264,888 | |||||||||||||||||||
68,543,098 | 83,775,664 | 53,342,650 | 253,939 | 87,022 | 7,885,022 | |||||||||||||||||||
13,040 | 906,843 | 250,624 | — | — | 149,439 | |||||||||||||||||||
709 | 926 | 884 | 519 | 399 | 355 | |||||||||||||||||||
766 | 2,732 | 4,854 | 519 | 396 | 1,367 | |||||||||||||||||||
$8.56 | $7.13 | $7.13 | $12.13 | $15.78 | $16.70 | |||||||||||||||||||
7.92 | 7.08 | 6.42 | 10.57 | 11.16 | 15.64 | |||||||||||||||||||
7.92 | 7.08 | 6.45 | 10.66 | 12.60 | 15.45 | |||||||||||||||||||
8.79 | 7.12 | 7.39 | 13.34 | 19.38 | 17.08 | |||||||||||||||||||
8.49 | 7.15 | 7.07 | — | — | 16.62 | |||||||||||||||||||
8.51 | 7.11 | 7.09 | 12.18 | 15.76 | 16.59 | |||||||||||||||||||
8.52 | 7.11 | 7.10 | 12.09 | 15.77 | 16.61 | |||||||||||||||||||
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Statements of Operations
For the Six Months Ended April 30, 2009 (Unaudited)
Balanced Fund | ||||||
Investment income: | ||||||
Dividends(a) | $ | 1,293,432 | ||||
Interest | 1,585,198 | |||||
Securities lending income — affiliated issuer | 18,678 | |||||
Total investment income | 2,897,308 | |||||
Expenses: | ||||||
Management fees | 399,842 | |||||
Distribution and Service fees(b) | 208,812 | |||||
Transfer Agent fees(b) | 115,274 | |||||
Custody and accounting fees | 68,879 | |||||
Professional fees | 40,518 | |||||
Printing fees | 37,781 | |||||
Registration fees | 14,989 | |||||
Trustee fees | 8,065 | |||||
Service share fees — Shareholder Administration Plan | — | |||||
Service share fees — Service Plan | — | |||||
Other | 28,720 | |||||
Total expenses | 922,880 | |||||
Less — expense reductions | (221,539 | ) | ||||
Net expenses | 701,341 | |||||
NET INVESTMENT INCOME | 2,195,967 | |||||
Realized and unrealized gain (loss) from investment, futures, swap and foreign currency related transactions: | ||||||
Net realized gain (loss) from: | ||||||
Investment transactions | (21,619,957 | ) | ||||
Securities lending reinvestment vehicle transactions — affiliated issuer | 6,573 | |||||
Futures transactions | 1,046,752 | |||||
Swap contracts | 696,092 | |||||
Foreign currency related transactions | 10,720 | |||||
Net change in unrealized gain (loss) on: | ||||||
Investments | 11,963,354 | |||||
Securities lending reinvestment vehicle — affiliated issuer | 1,779 | |||||
Futures | 585,609 | |||||
Swap contracts | (256,734 | ) | ||||
Translation of assets and liabilities denominated in foreign currencies | (46,215 | ) | ||||
Net realized and unrealized loss from investment, futures, swap and foreign currency related transactions | (7,612,027 | ) | ||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (5,416,060 | ) | |||
(a) | For the Balanced, Structured Large Cap Growth, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value and Structured U.S. Equity Funds, foreign taxes withheld on dividends were $359, $645, $5,943, $122, $167 and $1,400, respectively. |
(b) | Class specific Distribution and Service, and Transfer Agent fees were as follows: |
Distribution and Service Fees | Transfer Agent Fees | |||||||||||||||||||||||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class R | Class A | Class B | Class C | Institutional | Service | Class IR | Class R | |||||||||||||||||||||||||||||||||
Balanced | $ | 131,880 | $ | 45,246 | $ | 31,686 | $ | — | $ | 100,229 | $ | 8,597 | $ | 6,020 | $ | 428 | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Structured Large Cap Growth | 274,691 | 62,992 | 68,538 | 14 | 208,765 | 11,969 | 13,022 | 127,160 | 25 | 5 | 5 | |||||||||||||||||||||||||||||||||
Structured Large Cap Value | 298,765 | 19,509 | 59,222 | 22 | 227,061 | 3,707 | 11,252 | 128,781 | 1,269 | 5 | 9 | |||||||||||||||||||||||||||||||||
Structured Small Cap Equity | 158,438 | 14,121 | 45,954 | 30 | 120,413 | 2,683 | 8,731 | 69,879 | 326 | 5 | 12 | |||||||||||||||||||||||||||||||||
Structured Small Cap Growth | 19,454 | 39,914 | 20,137 | 14 | 14,784 | 7,583 | 3,827 | 611 | — | 5 | 5 | |||||||||||||||||||||||||||||||||
Structured Small Cap Value | 84,551 | 158,194 | 99,460 | 15 | 64,258 | 30,057 | 18,897 | 320 | — | 6 | 6 | |||||||||||||||||||||||||||||||||
Structured U.S. Equity | 404,710 | 172,099 | 177,655 | 24 | 307,580 | 32,699 | 33,754 | 27,468 | 494 | 5 | 9 |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Structured Large | Structured Large | Structured Small | Structured Small | Structured Small | Structured U.S. | |||||||||||||||||||
Cap Growth Fund | Cap Value Fund | Cap Equity Fund | Cap Growth Fund | Cap Value Fund | Equity Fund | |||||||||||||||||||
$ | 10,402,502 | $ | 17,041,952 | $ | 5,853,540 | $ | 265,256 | $ | 1,758,265 | $ | 8,401,681 | |||||||||||||
16,873 | 18,488 | 13,705 | 674 | 2,081 | 13,156 | |||||||||||||||||||
480,262 | 858,776 | 870,182 | 37,092 | 175,587 | 263,830 | |||||||||||||||||||
10,899,637 | 17,919,216 | 6,737,427 | 303,022 | 1,935,933 | 8,678,667 | |||||||||||||||||||
2,866,485 | 2,715,061 | 2,081,690 | 130,188 | 513,326 | 1,734,018 | |||||||||||||||||||
406,235 | 377,518 | 218,543 | 79,519 | 342,220 | 754,488 | |||||||||||||||||||
360,951 | 372,084 | 202,049 | 26,815 | 113,544 | 402,009 | |||||||||||||||||||
45,281 | 52,136 | 103,621 | 58,188 | 57,790 | 54,366 | |||||||||||||||||||
72,296 | 65,640 | 68,491 | 59,497 | 96,008 | 73,652 | |||||||||||||||||||
85,483 | 97,794 | 40,800 | 14,327 | 31,381 | 39,019 | |||||||||||||||||||
72,951 | 100,488 | 86,076 | 49,687 | 44,654 | 58,482 | |||||||||||||||||||
8,065 | 8,065 | 8,065 | 8,065 | 8,065 | 8,065 | |||||||||||||||||||
155 | 7,931 | 2,038 | — | — | 3,087 | |||||||||||||||||||
155 | 7,931 | 2,038 | — | — | 3,087 | |||||||||||||||||||
48,072 | 46,899 | 12,913 | 21,375 | 14,285 | 97,547 | |||||||||||||||||||
3,966,129 | 3,851,547 | 2,826,324 | 447,661 | 1,221,273 | 3,227,820 | |||||||||||||||||||
(943,897 | ) | (793,550 | ) | (408,246 | ) | (216,766 | ) | (274,144 | ) | (694,524 | ) | |||||||||||||
3,022,232 | 3,057,997 | 2,418,078 | 230,895 | 947,129 | 2,533,296 | |||||||||||||||||||
7,877,405 | 14,861,219 | 4,319,349 | 72,127 | 988,804 | 6,145,371 | |||||||||||||||||||
(338,682,321 | ) | (374,999,383 | ) | (188,722,393 | ) | (11,643,173 | ) | (48,556,861 | ) | (204,835,018 | ) | |||||||||||||
913,967 | 786,450 | 162,958 | 6,250 | 42,671 | 173,167 | |||||||||||||||||||
(2,093,708 | ) | (4,256,452 | ) | 3,129,596 | (156,729 | ) | (759,471 | ) | (2,545,126 | ) | ||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
273,970,181 | 174,461,321 | 118,298,735 | 9,558,918 | 24,548,553 | 132,463,155 | |||||||||||||||||||
184,710 | 296,326 | 417,248 | 5,835 | 62,573 | 256,735 | |||||||||||||||||||
1,069,834 | 1,871,266 | 668,107 | 59,563 | 380,448 | 1,084,176 | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
(64,637,337 | ) | (201,840,472 | ) | (66,045,749 | ) | (2,169,336 | ) | (24,282,087 | ) | (73,402,911 | ) | |||||||||||||
$ | (56,759,932 | ) | $ | (186,979,253 | ) | $ | (61,726,400 | ) | $ | (2,097,209 | ) | $ | (23,293,283 | ) | $ | (67,257,540 | ) | |||||||
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Statements of Changes in Net Assets
Balanced Fund | ||||||||||||||
For the | For the | |||||||||||||
Six Months Ended | Period | For the Fiscal | ||||||||||||
April 30, 2009 | September 1, 2008 to | Year Ended | ||||||||||||
(Unaudited) | October 31, 2008* | August 31, 2008 | ||||||||||||
From operations: | ||||||||||||||
Net investment income | $ | 2,195,967 | $ | 931,850 | $ | 6,386,929 | ||||||||
Net realized gain (loss) from investment, futures, swap and foreign currency related transactions | (19,859,820 | ) | (14,809,000 | ) | 6,146,952 | |||||||||
Net change in unrealized gain (loss) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies | 12,247,793 | (13,729,040 | ) | (25,620,244 | ) | |||||||||
Net decrease in net assets resulting from operations | (5,416,060 | ) | (27,606,190 | ) | (13,086,363 | ) | ||||||||
Distributions to shareholders: | ||||||||||||||
From net investment income | ||||||||||||||
Class A Shares | (1,997,381 | ) | (1,481,067 | ) | (4,604,437 | ) | ||||||||
Class B Shares | (138,722 | ) | (105,121 | ) | (290,906 | ) | ||||||||
Class C Shares | (98,984 | ) | (66,686 | ) | (165,788 | ) | ||||||||
Institutional Shares | (44,886 | ) | (30,699 | ) | (101,477 | ) | ||||||||
Service Shares | (11 | )(b) | (14 | ) | (39 | ) | ||||||||
Class IR Shares(a) | — | — | — | |||||||||||
Class R Shares(a) | — | — | — | |||||||||||
From net realized gains | ||||||||||||||
Class A Shares | — | — | (10,383,013 | ) | ||||||||||
Class B Shares | — | — | (942,271 | ) | ||||||||||
Class C Shares | — | — | (484,803 | ) | ||||||||||
Institutional Shares | — | — | (203,943 | ) | ||||||||||
Service Shares | — | (b) | — | (88 | ) | |||||||||
Class IR Shares(a) | — | — | — | |||||||||||
Class R Shares(a) | — | — | — | |||||||||||
Total distributions to shareholders | (2,279,984 | ) | (1,683,587 | ) | (17,176,765 | ) | ||||||||
From share transactions: | ||||||||||||||
Net proceeds from sales of shares | 17,976,996 | 3,591,535 | 25,765,906 | |||||||||||
Reinvestment of distributions | 2,170,476 | 1,605,942 | 16,441,937 | |||||||||||
Cost of shares redeemed | (26,698,077 | ) | (12,011,393 | ) | (48,284,619 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (6,550,605 | ) | (6,813,916 | ) | (6,076,776 | ) | ||||||||
TOTAL DECREASE | (14,246,649 | ) | (36,103,693 | ) | (36,339,904 | ) | ||||||||
Net assets: | ||||||||||||||
Beginning of period | 136,252,314 | 172,356,007 | 208,695,911 | |||||||||||
End of period | $ | 122,005,665 | $ | 136,252,314 | $ | 172,356,007 | ||||||||
Accumulated undistributed net investment income | $ | 123,538 | $ | 207,555 | $ | 708,906 | ||||||||
* The Fund changed its fiscal year end from August 31 to October 31.
(a) Commenced operations on November 30, 2007.
(b) Service Shares liquidated on March 13, 2009.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Structured Large Cap Growth Fund | Structured Large Cap Value Fund | |||||||||||||||||||||||
For the | For the | For the | For the | |||||||||||||||||||||
Six Months Ended | Period | For the Fiscal | Six Months Ended | Period | For the Fiscal | |||||||||||||||||||
April 30, 2009 | September 1, 2008 to | Year Ended | April 30, 2009 | September 1, 2008 to | Year Ended | |||||||||||||||||||
(Unaudited) | October 31, 2008* | August 31, 2008 | (Unaudited) | October 31, 2008* | August 31, 2008 | |||||||||||||||||||
$ | 7,877,405 | $ | 1,430,617 | $ | 13,455,524 | $ | 14,861,219 | $ | 4,095,074 | $ | 27,360,549 | |||||||||||||
(339,862,062 | ) | (150,485,067 | ) | (146,143,204 | ) | (378,469,385 | ) | (132,755,314 | ) | (188,772,419 | ) | |||||||||||||
275,224,725 | (318,094,964 | ) | (116,619,940 | ) | 176,628,913 | (227,175,718 | ) | (160,413,011 | ) | |||||||||||||||
(56,759,932 | ) | (467,149,414 | ) | (249,307,620 | ) | (186,979,253 | ) | (355,835,958 | ) | (321,824,881 | ) | |||||||||||||
(2,460,360 | ) | — | (1,589,771 | ) | (3,555,462 | ) | (1,564,846 | ) | (6,988,963 | ) | ||||||||||||||
— | — | — | (42,941 | ) | (13,473 | ) | (62,710 | ) | ||||||||||||||||
— | — | (51 | ) | (135,780 | ) | (39,484 | ) | (151,000 | ) | |||||||||||||||
(11,541,258 | ) | — | (9,636,712 | ) | (11,221,872 | ) | (5,024,905 | ) | (21,121,508 | ) | ||||||||||||||
(1,697 | ) | — | (332 | ) | (93,773 | ) | (33,753 | ) | (159,371 | ) | ||||||||||||||
(82 | ) | — | (68 | ) | (100 | ) | (39 | ) | (129 | ) | ||||||||||||||
(42 | ) | — | (64 | ) | (198 | ) | (29 | ) | (101 | ) | ||||||||||||||
— | — | (3,939,301 | ) | — | — | (18,361,146 | ) | |||||||||||||||||
— | — | (293,803 | ) | — | — | (431,744 | ) | |||||||||||||||||
— | — | (241,109 | ) | — | — | (786,286 | ) | |||||||||||||||||
— | — | (9,586,469 | ) | — | — | (42,391,681 | ) | |||||||||||||||||
— | — | (1,742 | ) | — | — | (431,108 | ) | |||||||||||||||||
— | — | (66 | ) | — | — | (331 | ) | |||||||||||||||||
— | — | (66 | ) | — | — | (331 | ) | |||||||||||||||||
(14,003,439 | ) | — | (25,289,554 | ) | (15,050,126 | ) | (6,676,529 | ) | (90,886,409 | ) | ||||||||||||||
39,388,117 | 30,047,315 | 513,747,191 | 69,848,734 | 189,924,802 | 550,765,883 | |||||||||||||||||||
13,944,492 | — | 24,851,440 | 14,532,344 | 6,460,280 | 88,103,670 | |||||||||||||||||||
(284,932,343 | ) | (194,132,108 | ) | (899,674,584 | ) | (239,853,865 | ) | (107,229,116 | ) | (906,786,059 | ) | |||||||||||||
(231,599,734 | ) | (164,084,793 | ) | (361,075,953 | ) | (155,472,787 | ) | 89,155,966 | (267,916,506 | ) | ||||||||||||||
(302,363,105 | ) | (631,234,207 | ) | (635,673,127 | ) | (357,502,166 | ) | (273,356,521 | ) | (680,627,796 | ) | |||||||||||||
1,132,026,983 | 1,763,261,190 | 2,398,934,317 | 1,188,159,536 | 1,461,516,057 | 2,142,143,853 | |||||||||||||||||||
$ | 829,663,878 | $ | 1,132,026,983 | $ | 1,763,261,190 | $ | 830,657,370 | $ | 1,188,159,536 | $ | 1,461,516,057 | |||||||||||||
$ | 6,015,820 | $ | 12,141,854 | $ | 10,711,237 | $ | 1,159,075 | $ | 1,347,982 | $ | 3,923,352 | |||||||||||||
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Statements of Changes in Net Assets
Structured Small Cap Equity Fund | ||||||||||||||
For the | For the | |||||||||||||
Six Months Ended | Period | For the Fiscal | ||||||||||||
April 30, 2009 | September 1, 2008 to | Year Ended | ||||||||||||
(Unaudited) | October 31, 2008* | August 31, 2008 | ||||||||||||
From operations: | ||||||||||||||
Net investment income (loss) | $ | 4,319,349 | $ | 1,155,356 | $ | 3,243,962 | ||||||||
Net realized loss from investment and futures transactions | (185,429,839 | ) | (61,253,267 | ) | (140,229,965 | ) | ||||||||
Net change in unrealized gain (loss) on investments and futures transactions | 119,384,090 | (163,911,456 | ) | 40,197,555 | ||||||||||
Net decrease in net assets resulting from operations | (61,726,400 | ) | (224,009,367 | ) | (96,788,448 | ) | ||||||||
Distributions to shareholders: | ||||||||||||||
From net investment income | ||||||||||||||
Class A Shares | (1,037,787 | ) | — | (35,227 | ) | |||||||||
Class B Shares | — | — | — | |||||||||||
Class C Shares | — | — | — | |||||||||||
Institutional Shares | (4,785,739 | ) | — | (1,941,165 | ) | |||||||||
Service Shares | — | — | — | |||||||||||
Class IR Shares(a) | (73 | ) | — | (40 | ) | |||||||||
Class R Shares(a) | (31 | ) | — | (40 | ) | |||||||||
From net realized gains | ||||||||||||||
Class A Shares | — | — | (11,153,859 | ) | ||||||||||
Class B Shares | — | — | (533,109 | ) | ||||||||||
Class C Shares | — | — | (1,134,581 | ) | ||||||||||
Institutional Shares | — | — | (29,333,630 | ) | ||||||||||
Service Shares | — | — | (570,419 | ) | ||||||||||
Class IR Shares(a) | — | — | (547 | ) | ||||||||||
Class R Shares(a) | — | — | (547 | ) | ||||||||||
Total distributions to shareholders | (5,823,630 | ) | —- | (44,703,164 | ) | |||||||||
From share transactions: | ||||||||||||||
Net proceeds from sales of shares | 108,892,173 | 104,639,055 | 786,239,007 | |||||||||||
Reinvestment of distributions | 5,741,755 | — | 43,448,651 | |||||||||||
Cost of shares redeemed | (109,618,179 | ) | (66,024,826 | ) | (747,461,230 | ) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 5,015,749 | 38,614,229 | 82,226,428 | |||||||||||
TOTAL DECREASE | (62,534,281 | ) | (185,395,138 | ) | (59,265,184 | ) | ||||||||
Net assets: | ||||||||||||||
Beginning of period | 598,625,116 | 784,020,254 | 843,285,438 | |||||||||||
End of period | $ | 536,090,835 | $ | 598,625,116 | $ | 784,020,254 | ||||||||
Accumulated undistributed net investment income | $ | 3,916,927 | $ | 5,421,208 | $ | 4,265,852 | ||||||||
* The Fund changed its fiscal year end from August 31 to October 31.
(a) Commenced operations on November 30, 2007.
(b) Service Shares liquidated on March 13, 2009.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Structured Small Cap Growth Fund | Structured Small Cap Value Fund | Structured U.S. Equity Fund | ||||||||||||||||||||||||||
For the | For the | For the | For the | |||||||||||||||||||||||||
Six Months Ended | For the Fiscal | Six Months Ended | For the Fiscal | Six Months Ended | Period | For the Fiscal | ||||||||||||||||||||||
April 30, 2009 | Year Ended | April 30, 2009 | Year Ended | April 30, 2009 | September 1, 2008 to | Year Ended | ||||||||||||||||||||||
(Unaudited) | October 31, 2008 | (Unaudited) | October 31, 2008 | (Unaudited) | October 31, 2008* | August 31, 2008 | ||||||||||||||||||||||
$ | 72,127 | $ | (362,956 | ) | $ | 988,804 | $ | 896,563 | $ | 6,145,371 | $ | 1,501,741 | $ | 13,080,684 | ||||||||||||||
(11,793,652 | ) | (14,418,177 | ) | (49,273,661 | ) | (53,313,571 | ) | (207,206,977 | ) | (66,570,066 | ) | (28,773,542 | ) | |||||||||||||||
9,624,316 | (15,800,661 | ) | 24,991,574 | (51,854,377 | ) | 133,804,066 | (148,800,347 | ) | (184,490,483 | ) | ||||||||||||||||||
(2,097,209 | ) | (30,581,794 | ) | (23,293,283 | ) | (104,271,385 | ) | (67,257,540 | ) | (213,868,672 | ) | (200,183,341 | ) | |||||||||||||||
— | — | (1,210,152 | ) | — | (7,579,979 | ) | — | (7,848,483 | ) | |||||||||||||||||||
— | — | (497,123 | ) | — | (348,414 | ) | — | (446,836 | ) | |||||||||||||||||||
— | — | (220,939 | ) | — | (488,277 | ) | — | (458,160 | ) | |||||||||||||||||||
— | — | (17,834 | ) | — | (4,147,729 | ) | — | (6,406,777 | ) | |||||||||||||||||||
— | (b) | — | (63 | )(b) | — | (44,745 | ) | — | (110,019 | ) | ||||||||||||||||||
— | — | (132 | ) | — | (157 | ) | — | (149 | ) | |||||||||||||||||||
— | — | (90 | ) | — | (117 | ) | — | (145 | ) | |||||||||||||||||||
— | (15,008,970 | ) | — | (119,598,980 | ) | (1,293,917 | ) | — | (79,028,986 | ) | ||||||||||||||||||
— | (10,387,958 | ) | — | (74,753,142 | ) | (171,980 | ) | — | (14,306,085 | ) | ||||||||||||||||||
— | (4,715,049 | ) | — | (44,108,532 | ) | (157,400 | ) | — | (9,896,644 | ) | ||||||||||||||||||
— | (2,800,609 | ) | — | (2,055,733 | ) | (554,383 | ) | — | (45,940,297 | ) | ||||||||||||||||||
— | (b) | (3,706 | ) | — | (b) | (5,521 | ) | (10,277 | ) | — | (1,350,300 | ) | ||||||||||||||||
— | (4,247 | ) | — | (6,898 | ) | (23 | ) | — | (1,036 | ) | ||||||||||||||||||
— | (4,247 | ) | — | (6,898 | ) | (23 | ) | — | (1,036 | ) | ||||||||||||||||||
— | (32,924,786 | ) | (1,946,333 | ) | (240,535,704 | ) | (14,797,421 | ) | — | (165,794,953 | ) | |||||||||||||||||
2,050,407 | 7,761,648 | 8,570,488 | 25,145,535 | 55,100,668 | 18,601,942 | 145,159,416 | ||||||||||||||||||||||
— | 31,578,477 | 1,853,221 | 223,152,818 | 13,792,252 | — | 145,324,409 | ||||||||||||||||||||||
(6,005,274 | ) | (36,516,036 | ) | (22,365,004 | ) | (163,228,390 | ) | (124,219,040 | ) | (72,779,575 | ) | (728,737,967 | ) | |||||||||||||||
(3,954,867 | ) | 2,824,089 | (11,941,295 | ) | 85,069,963 | (55,326,120 | ) | (54,177,633 | ) | (438,254,142 | ) | |||||||||||||||||
(6,052,076 | ) | (60,682,491 | ) | (37,180,911 | ) | (259,737,126 | ) | (137,381,081 | ) | (268,046,305 | ) | (804,232,436 | ) | |||||||||||||||
38,178,001 | 98,860,492 | 157,152,602 | 416,889,728 | 656,101,333 | 924,147,638 | 1,728,380,074 | ||||||||||||||||||||||
$ | 32,125,925 | $ | 38,178,001 | $ | 119,971,691 | $ | 157,152,602 | $ | 518,720,252 | $ | 656,101,333 | $ | 924,147,638 | |||||||||||||||
$ | 72,127 | $ | — | $ | 252,470 | $ | 1,209,999 | $ | 3,685,973 | $ | 10,150,020 | $ | 8,635,990 | |||||||||||||||
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements
April 30, 2009 (Unaudited)
1. ORGANIZATION
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/Non-diversified | ||||
Balanced | A, B, C and Institutional Shares | Diversified | ||||
Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity and Structured U.S. Equity | A, B, C, Institutional, Service, IR and R Shares | Diversified | ||||
Structured Small Cap Growth and Structured Small Cap Value | A, B, C, Institutional, IR and R Shares | Diversified | ||||
Class A Shares of the Funds are sold with a front-end sales charge of up to 5.50%. Class B Shares of the Funds are sold with a contingent deferred sales charge that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares of the Funds are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service, Class IR and Class R Shares of the Funds are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a portion of such sales charges it receives as Distributor. As of March 13, 2009, the Service Shares of the Balanced, Structured Small Cap Growth and Structured Small Cap Value Funds were liquidated.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs, serves as investment adviser pursuant to a Management Agreement (the “Agreement”) with the Trust on behalf of the Funds.
On December 18, 2008, the Board of Trustees of the Structured Small Cap Value Fund approved a 7-for-1 reverse stock split effective the close of business on February 6, 2009. The stock split had no impact on the overall value of a shareholder’s investment in the Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures on the financial statements. Actual results could differ from those estimates and assumptions.
A. Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider either (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers, to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the Board of Trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.
GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Funds’ NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.
B. Security Transactions and Investment Income — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Certain mortgage security paydown gains and losses are included in interest income in the accompanying Statements of Operations.
Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Fund based upon the relative proportion of net assets of each class.
In addition, distributions received from the Funds’ investments in real estate investment trusts (“REITs”) often include a “return of capital” which is recorded by the Funds as a reduction of the cost basis of the securities held. The Internal Revenue Code of 1986, as amended (the “Code”) requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Funds’ distributions is deemed a return of capital and is generally not taxable to shareholders.
C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or “pro-rata” basis depending upon the nature of the expense.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Code, applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
Income Distributions | Capital Gains Distributions | |||
Fund | Declared/Paid | Declared/Paid | ||
Balanced and Structured Large Cap Value | Quarterly | Annually | ||
Structured Large Cap Growth, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value and Structured U.S. Equity | Annually | Annually | ||
Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Financial statements are adjusted for permanent book/tax differences to reflect the appropriate tax character, and are not adjusted for temporary differences.
GAAP establishes financial statement accounting and disclosure requirements for recognition and measurement of tax positions taken or expected to be taken on a U.S. income tax return. GSAM has reviewed the tax positions for the Funds for the open tax years (tax years ended August 31, 2006-8, and October 31, 2008, except for Structured Small Cap Growth and Structured Small Cap Value with open tax years of October 31, 2006-8) and determined that they did not have a material impact on the Funds’ financial statements.
E. Foreign Currency Translations — The books and records of the Funds are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars based upon 4:00 p.m. Eastern Time exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions as of 4:00 p.m. Eastern Time.
Net realized and unrealized gain (loss) on foreign currency transactions represents: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment security transactions and forward exchange contracts; and (iii) gains and losses from the difference between amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on equity securities and derivative instruments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included with the net realized and unrealized gain (loss) on investments. The effect of changes in foreign currency exchange rates on fixed income securities are segregated in the Statements of Operations from the effects of changes in market prices of those investments, and are included with the net realized and unrealized gain (loss) on foreign currency related transactions. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.
Non U.S. currency symbols utilized throughout the report are defined as follows:
BRL = Brazilian Real EUR = Euro | KRW = South Korean Won MXN = Mexican Peso |
F. Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions, portfolio positions or to seek to increase total return. All contracts are “marked-to-market” daily at the applicable forward rate and any resulting unrealized gains or losses are recorded by the Funds. The Funds record realized gains or losses on the settlement date of a contract.
Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts.
G. Futures Contracts — The Funds may purchase or sell futures contracts to hedge against changes in interest rates, securities prices, currency exchange rates, or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
upon which they are traded. Upon entering into a futures contract, the Funds deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.
The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Funds’ strategies and potentially result in a loss. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts.
H. Mortgage-Backed and Asset-Backed Securities — The Balanced Fund may invest in mortgage-backed and/or asset-backed securities. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real property. These securities may include mortgage pass-through securities, collateralized mortgage obligations, real estate mortgage investment conduit pass-through or participation certificates, and stripped mortgage-backed securities. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. Asset-backed securities also include home equity line of credit loans and other second-lien mortgages.
The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Early repayment of principal on mortgage-backed or asset-backed securities may expose a Fund to the risk of earning a lower rate of return upon reinvestment of principal. Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral. In addition, while mortgage-backed and asset-backed securities may be supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers, if any, will meet their obligations.
Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all of the interest payments (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all of the principal payments (the principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, adjustments are made to the cost of the security on a daily basis until maturity. These adjustments are included in interest income. Payments received for PO’s, typically monthly, are treated as a proportionate reduction to the cost basis of the securities and excess amounts are recorded as gains. All gains and losses resulting from principal payments are classified as interest income in the accompanying Statements of Operations.
I. Mortgage Dollar Rolls — The Balanced Fund may enter into mortgage dollar rolls (“dollar rolls”) in which the Fund sells securities in the current month for delivery and simultaneously contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Fund treats dollar rolls as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale.
During the settlement period between sale and repurchase, the Fund will not be entitled to accrue interest and principal payments on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price of those securities. In the event the buyer of the securities under a dollar roll transaction files for bankruptcy or becomes insolvent, the Fund’s use of proceeds from the transaction may be restricted pending a determination by, or with respect to, the other party.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
J. Repurchase Agreements — The Funds may enter into repurchase agreements. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period that the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under tri-party repurchase agreements. Under these arrangements, the Funds are permitted to deliver or re-pledge these securities.
Pursuant to exemptive relief granted by the Securities and Exchange Commission and terms and conditions contained therein, the Funds, together with other registered investment companies having management agreements with GSAM, or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds’ credit exposure is allocated to the underlying repurchase counterparties on a pro-rata basis. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.
K. Swap Contracts — The Balanced Fund may enter into swap transactions for hedging purposes or to seek to increase total return. The Fund may be required to post collateral under the terms of a swap contract. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Fund and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk, and elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. The Fund may pay or receive cash to collateralize these contracts. This cash collateral is recorded as assets/liabilities on the Funds’ books.
Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss in the Statements of Operations. Upfront payments made and/or received by the Fund, are recorded as an asset and/or liability on the Statements of Assets and Liabilities and are recorded as a realized gain or loss ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, which are recorded as a realized gain or loss ratably beginning on the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses on the Statements of Operations. Gains or losses are also realized upon early termination of the swap agreements and recorded as realized gains or losses on the Statements of Operations. The Fund may invest in the following types of swaps:
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in specified prices, rates or indices for a specified amount of an underlying asset or notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
A credit default swap is an agreement that involves one party making a stream of payments to another party in exchange for the right to receive protection on a reference security or obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of the reference security or obligation or to take a short position with respect to the likelihood of default. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.
As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation may be less than the premium payments received. Upon the occurrence of a specified credit event, the Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a trustworthy and transparent price has been set for the defaulted security or obligation. In addition, the Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty.
Credit default swaps meet the definition of a credit derivative as defined by the Financial Accounting Standards Board (“FASB”) Staff Position No. 133-1 and FIN 45-4, Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161. The Fund’s credit default swaps are disclosed in the Additional Investment Information section of the Schedules of Investments. The maximum potential amount of future payments (undiscounted) that the Fund as a seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where the Fund bought credit protection.
L. Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”), including structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on the Funds’ distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.
M. When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities, including TBA (To Be Announced) securities and enter into contracts to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. When-issued securities are securities that have been authorized, but not yet issued in the market. A forward commitment involves the entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Funds will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for their portfolios, the Funds may dispose of when-issued securities or forward commitments prior to settlement if GSAM deems it appropriate. When purchasing a security on a when-issued basis or entering into a forward commitment, the Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts. The Funds may dispose of or renegotiate these contracts after they have been entered into and may sell these securities before they are delivered, which may result in a capital gain or loss.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
3. AGREEMENTS
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee computed daily and payable monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the six months ended April 30, 2009, contractual and net management fees with GSAM were at the following rates:
Effective Net | ||||||||||||||||||||||||||||
Contractual Management Rate | Management | |||||||||||||||||||||||||||
Up to | Next | Next | Next | Over | Effective | Rate | ||||||||||||||||||||||
Fund | $1 billion | $1 billion | $3 billion | $3 billion | $8 billion | Rate | (after waiver)* | |||||||||||||||||||||
Balanced | 0.65 | % | 0.59 | % | 0.56 | % | 0.55 | % | 0.54 | % | 0.65 | % | 0.55 | % | ||||||||||||||
Structured Large Cap Growth | 0.65 | 0.59 | 0.56 | 0.55 | 0.54 | 0.63 | 0.51 | |||||||||||||||||||||
Structured Large Cap Value | 0.60 | 0.54 | 0.51 | 0.50 | 0.49 | 0.60 | 0.51 | |||||||||||||||||||||
Structured Small Cap Equity | 0.85 | 0.85 | 0.77 | 0.73 | 0.72 | 0.85 | 0.81 | |||||||||||||||||||||
Structured Small Cap Growth | 0.85 | 0.85 | 0.77 | 0.73 | 0.72 | 0.85 | 0.81 | |||||||||||||||||||||
Structured Small Cap Value | 0.85 | 0.85 | 0.77 | 0.73 | 0.72 | 0.85 | 0.81 | |||||||||||||||||||||
Structured U.S. Equity | 0.65 | 0.59 | 0.56 | 0.55 | 0.54 | 0.65 | 0.51 | |||||||||||||||||||||
* | GSAM has voluntarily agreed to waive a portion of its management fee in order to achieve the effective net management rates. |
B. Distribution Agreement and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs and/or authorized dealers are entitled to a fee accrued daily and paid monthly for distribution services and account maintenance services at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:
Distribution and Service Plan Rates | ||||||||||||||||
Class A* | Class B | Class C | Class R* | |||||||||||||
Distribution Plan | 0.25 | % | 0.75 | % | 0.75 | % | 0.50 | % | ||||||||
Service Plan | — | 0.25 | 0.25 | — | ||||||||||||
* | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Plans to compensate service organizations for personal and account maintenance services and expenses so long as such total compensation under the Plans does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
3. AGREEMENTS (continued) |
Goldman Sachs may retain a portion of the Class A front end sales load and Class B and Class C contingent deferred sales charges. During the six months ended April 30, 2009, Goldman Sachs advised the Funds that it retained the following approximate amounts:
Front End | Contingent Deferred | |||||||||||
Sales Load | Sales Charge | |||||||||||
Fund | Class A | Class B | Class C | |||||||||
Balanced | $ | 10,600 | $ | — | $ | — | ||||||
Structured Large Cap Growth | 2,800 | 200 | — | |||||||||
Structured Large Cap Value | 15,200 | — | 400 | |||||||||
Structured Small Cap Equity | 2,600 | — | 200 | |||||||||
Structured Small Cap Growth | 600 | — | — | |||||||||
Structured Small Cap Value | 1,900 | — | — | |||||||||
Structured U.S. Equity | 7,300 | — | 1,200 | |||||||||
C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent for the Funds for a fee pursuant to a Transfer Agency Agreement. The fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.19% of the average daily net assets for Class A, Class B, Class C, Class IR and Class R Shares and 0.04% of the average daily net assets for Institutional and Service Shares.
D. Service Plan and Shareholder Administration Plans — The Trust, on behalf of each Fund, has adopted a Service Plan and a Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account administration and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations in an amount equal to, on an annual basis, 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.
E. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding management fees, distribution and service fees, transfer agent fees and expenses, Service Share fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior period expense reimbursements, if any. The Other Expenses limitations for Balanced, Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value and Structured U.S. Equity Funds as an annual percentage rate of average daily net assets are 0.064%, 0.004%, 0.004%, 0.004%, 0.004%, 0.004% and 0.004%, respectively. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction in the Funds’ expenses.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
3. AGREEMENTS (continued) |
For the six months ended April 30, 2009, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows (in thousands):
Custody | ||||||||||||||||
Management | Fee | Other Expense | Total Expense | |||||||||||||
Fund | Fee Waiver | Credits | Reimbursement | Reductions | ||||||||||||
Balanced | $ | 62 | $ | 1 | $ | 159 | $ | 222 | ||||||||
Structured Large Cap Growth | 617 | 12 | 315 | 944 | ||||||||||||
Structured Large Cap Value | 407 | 34 | 353 | 794 | ||||||||||||
Structured Small Cap Equity | 98 | — | 310 | 408 | ||||||||||||
Structured Small Cap Growth | 6 | — | 211 | 217 | ||||||||||||
Structured Small Cap Value | 24 | — | 250 | 274 | ||||||||||||
Structured U.S. Equity | 374 | — | 321 | 695 | ||||||||||||
As of April 30, 2009 the amounts owed to affiliates of the Funds were as follows (in thousands):
Management | Distribution and | Transfer | ||||||||||||||
Fund | Fees | Service Fees | Agent Fees | Total | ||||||||||||
Balanced | $ | 86 | $ | 33 | $ | 19 | $ | 138 | ||||||||
Structured Large Cap Growth | 338 | 61 | 54 | 453 | ||||||||||||
Structured Large Cap Value | 342 | 55 | 54 | 451 | ||||||||||||
Structured Small Cap Equity | 338 | 35 | 33 | 406 | ||||||||||||
Structured Small Cap Growth | 20 | 13 | 5 | 38 | ||||||||||||
Structured Small Cap Value | 76 | 52 | 18 | 146 | ||||||||||||
Structured U.S. Equity | 214 | 115 | 63 | 392 | ||||||||||||
F. Line of Credit Facility — The Funds participate in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreement with GSAM or its affiliates. Pursuant to the terms of the facility, the Funds and other borrowers may increase the credit amount by an additional $300,000,000 for a total of up to $1 billion. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2009, the Funds did not have any borrowings under the facility. Effective May 12, 2009, the facility decreased to $660,000,000.
4. FAIR VALUE OF INVESTMENTS
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements do not include transaction costs. FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurement (“FAS 157”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
4. FAIR VALUE OF INVESTMENTS (continued) |
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are described below:
Level 1— Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2— Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;
Level 3— Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The following is a summary of the Funds’ investments categorized in the fair value hierarchy:
Balanced | Structured Large Cap Growth | |||||||||||||||||||||||
Investments | Investments | Investments | ||||||||||||||||||||||
in Securities | in Securities | Derivatives(a)— | Derivatives(a)— | in Securities | Derivatives— | |||||||||||||||||||
Level | Long-Assets | Long-Liabilities | Assets | Liabilities | Long-Assets | Assets | ||||||||||||||||||
Level 1 | $ | 74,480,632 | $ | — | $ | 290,179 | $ | (89,056 | ) | $ | 811,043,300 | $ | 1,353,695 | |||||||||||
Level 2 | 51,833,504 | (1,028,516 | ) | 670,074 | (832,580 | ) | 96,861,833 | — | ||||||||||||||||
Level 3 | 92,550 | — | — | — | — | — | ||||||||||||||||||
Total | $ | 126,406,686 | $ | (1,028,516 | ) | $ | 960,253 | $ | (921,636 | ) | $ | 907,905,133 | $ | 1,353,695 | ||||||||||
Structured Large Cap Value | Structured Small Cap Equity | Structured Small Cap Growth | ||||||||||||||||||||||||||
Investments | Investments | Investments | ||||||||||||||||||||||||||
in Securities | Derivatives— | in Securities | Derivatives— | in Securities | Derivatives— | |||||||||||||||||||||||
Level | Long-Assets | Assets | Long-Assets | Assets | Long-Assets | Assets | ||||||||||||||||||||||
Level 1 | $ | 812,818,050 | $ | 1,363,510 | $ | 524,126,295 | $ | 1,455,132 | $ | 31,434,438 | $ | 110,640 | ||||||||||||||||
Level 2 | 136,454,908 | — | 102,197,545 | — | 3,122,014 | — | ||||||||||||||||||||||
Level 3 | — | — | — | — | — | — | ||||||||||||||||||||||
Total | $ | 949,272,958 | $ | 1,363,510 | $ | 626,323,840 | $ | 1,455,132 | $ | 34,556,452 | $ | 110,640 | ||||||||||||||||
Structured Small Cap Value | Structured U.S. Equity | |||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||
in Securities | Derivatives— | in Securities | Derivatives— | |||||||||||||||||||||||||
Level | Long-Assets | Assets | Long-Assets | Assets | ||||||||||||||||||||||||
Level 1 | $ | 117,770,820 | $ | 533,085 | $ | 507,126,523 | $ | 1,363,042 | ||||||||||||||||||||
Level 2 | 21,748,130 | — | 67,230,956 | — | ||||||||||||||||||||||||
Level 3 | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 139,518,950 | $ | 533,085 | $ | 574,357,479 | $ | 1,363,042 | ||||||||||||||||||||
(a) | Derivatives may include open forward foreign currency exchange contracts, futures contracts and swap contracts. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
4. FAIR VALUE OF INVESTMENTS (continued) |
The following is a reconciliation of Level 3 investments in the Balanced Fund for the period ended April 30, 2009:
Investments | ||||
in Securities | ||||
Level 3 | Long-Assets | |||
Beginning Balance as of October 31, 2008 | $ | 5 | ||
Realized gain (loss) | — | |||
Unrealized losses relating to instruments still held at reporting date | (46,880 | ) | ||
Net purchase (sales) | — | |||
Net transfers into Level 3 | 139,425 | |||
Ending Balance as of April 30, 2009 | $ | 92,550 | ||
5. SECURITIES LENDING
Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds bear the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.
The Funds invest the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio II of Boston Global Investment Trust (“Enhanced Portfolio II”), a Delaware statutory trust. The Enhanced Portfolio II, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio II. The Enhanced Portfolio II invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Funds’ investment of cash collateral in the Enhanced Portfolio II is subject to a net asset value that may fall or rise due to market and credit conditions.
Both the Funds and GSAL receive compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2009, are reported under Investment Income on the Statements of Operations.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
5. SECURITIES LENDING (continued) |
The table below details securities lending activity with affiliates of Goldman Sachs as of, and for the six months ended April 30, 2009:
Amounts Received | ||||||||||||
Earnings of GSAL | by the Funds | Amounts Payable to | ||||||||||
Relating to | from Lending to | Goldman Sachs | ||||||||||
Securities Loaned for the | Goldman Sachs for the | Upon Return of | ||||||||||
six months ended | six months ended | Securities Loaned as | ||||||||||
Fund | April 30, 2009 | April 30, 2009 | of April 30, 2009 | |||||||||
Balanced | $ | 2,074 | $ | 2,703 | $ | 24,750 | ||||||
Structured Large Cap Growth | 53,352 | 73,230 | 18,121,750 | |||||||||
Structured Large Cap Value | 95,408 | 41,456 | 26,728,900 | |||||||||
Structured Small Cap Equity | 96,657 | 156,112 | 30,787,025 | |||||||||
Structured Small Cap Growth | 4,116 | 5,414 | 461,700 | |||||||||
Structured Small Cap Value | 19,500 | 54,775 | 4,542,650 | |||||||||
Structured U.S. Equity | 29,309 | 34,242 | 22,053,175 | |||||||||
The following table provides information about the Funds’ investment in the Enhanced Portfolio for the six months ended April 30, 2009 (in thousands):
Number of | Number of | |||||||||||||||||||
Shares Held | Shares Held | |||||||||||||||||||
Beginning | Shares | Shares | End of | Value at End | ||||||||||||||||
Fund | of Period | Bought | Sold | Period | of Period | |||||||||||||||
Balanced | 1,582 | 19,538 | (19,732 | ) | 1,388 | $ | 1,373 | |||||||||||||
Structured Large Cap Growth | 230,830 | 446,298 | (601,838 | ) | 75,290 | 74,462 | ||||||||||||||
Structured Large Cap Value | 206,082 | 646,951 | (736,395 | ) | 116,638 | 115,355 | ||||||||||||||
Structured Small Cap Equity | 130,247 | 243,762 | (284,527 | ) | 89,482 | 88,498 | ||||||||||||||
Structured Small Cap Growth | 2,833 | 8,064 | (8,549 | ) | 2,348 | 2,322 | ||||||||||||||
Structured Small Cap Value | 20,424 | 47,817 | (49,386 | ) | 18,855 | 18,648 | ||||||||||||||
Structured U.S. Equity | 60,047 | 307,607 | (314,539 | ) | 53,115 | 52,531 | ||||||||||||||
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
6. PORTFOLIO SECURITIES TRANSACTIONS
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2009, were as follows:
Fund | Purchases | Sales and Maturities | ||||||
Balanced* | $ | 140,820,509 | $ | 149,237,697 | ||||
Structured Large Cap Growth | 471,742,873 | 710,095,490 | ||||||
Structured Large Cap Value | 494,641,053 | 641,483,554 | ||||||
Structured Small Cap Equity | 394,700,525 | 386,941,843 | ||||||
Structured Small Cap Growth | 22,424,311 | 26,406,631 | ||||||
Structured Small Cap Value | 88,520,466 | 100,622,549 | ||||||
Structured U.S. Equity | 342,170,092 | 408,370,652 | ||||||
* | Included in these amounts are the cost of purchases and proceeds from sales and maturities of U.S. Government and agency obligations in the amounts of $76,315,163 and $91,336,930, respectively. |
For the six months ended April 30, 2009, Goldman Sachs earned approximately $5,200, $20,500, $12,600, $9,700, $300, $900 and $6,700 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, executed on behalf of Balanced, Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value and Structured U.S. Equity Funds, respectively.
7. TAX INFORMATION
As of the Funds’ most recent fiscal period end, October 31, 2008, the Funds’ capital loss carryforwards, on a tax basis were as follows:
Structured | Structured | Structured | Structured | Structured | Structured | |||||||||||||||||||||||
Large Cap | Large Cap | Small Cap | Small Cap | Small Cap | U.S. | |||||||||||||||||||||||
Balanced | Growth | Value | Equity | Growth | Value | Equity | ||||||||||||||||||||||
Capital loss carryforward:1 | ||||||||||||||||||||||||||||
Expiring 2009 | $ | — | $ | (61,712,621 | ) | $ | — | $ | — | $ | — | $ | — | $ | (22,117,498 | ) | ||||||||||||
Expiring 2010 | — | (158,481,000 | ) | — | — | — | — | — | ||||||||||||||||||||
Expiring 2011 | — | (5,803,222 | ) | — | — | — | — | — | ||||||||||||||||||||
Expiring 2015 | — | (15,811,506 | ) | — | (12,278,226 | ) | — | — | — | |||||||||||||||||||
Expiring 2016 | (17,978,719 | ) | (273,405,196 | ) | (290,369,025 | ) | (183,133,449 | ) | (13,801,349 | ) | (52,040,099 | ) | (90,623,641 | ) | ||||||||||||||
Total capital loss carryforward | $ | (17,978,719 | ) | $ | (515,213,545 | ) | $ | (290,369,025 | ) | $ | (195,411,675 | ) | $ | (13,801,349 | ) | $ | (52,040,099 | ) | $ | (112,741,139 | ) | |||||||
1 | Expiration occurs on October 31 of the year indicated. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
7. TAX INFORMATION (continued) |
At April 30, 2009, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:
Structured | Structured | Structured | Structured | Structured | Structured | |||||||||||||||||||||||
Large Cap | Large Cap | Small Cap | Small Cap | Small Cap | U.S. | |||||||||||||||||||||||
Balanced | Growth | Value | Equity | Growth | Value | Equity | ||||||||||||||||||||||
Tax Cost | $ | 129,263,610 | $ | 998,400,532 | $ | 1,097,060,514 | $ | 666,998,138 | $ | 36,641,646 | $ | 148,288,638 | $ | 618,735,198 | ||||||||||||||
Gross unrealized gain | 9,814,527 | 36,482,608 | 34,400,993 | 54,400,527 | 3,349,338 | 12,200,365 | 29,885,784 | |||||||||||||||||||||
Gross unrealized loss | (12,671,451 | ) | (126,978,007 | ) | (182,188,549 | ) | (95,074,825 | ) | (5,434,532 | ) | (20,970,053 | ) | (74,263,503 | ) | ||||||||||||||
Net unrealized security loss | $ | (2,856,924 | ) | $ | (90,495,399 | ) | $ | (147,787,556 | ) | $ | (40,674,298 | ) | $ | (2,085,194 | ) | $ | (8,769,688 | ) | $ | (44,377,719 | ) | |||||||
The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, foreign currency exchange contracts recognized for tax purposes and differing tax treatments of partnerships, securities on loan and swap income.
8. OTHER RISKS
Funds’ Shareholder Concentration — Certain Goldman Sachs Fund of Funds Portfolios and the Goldman Sachs Profit Sharing Trust may invest a significant percentage of their assets in the Funds. In the event the Fund of Funds Portfolios and/or the Profit Sharing Trust experience significant redemptions and/or reallocations, the Funds may be exposed to liquidity risk. In particular, the Funds may encounter difficulty meeting redemptions if unusual market conditions create an unfavorable environment in which the Funds are forced to liquidate their securities. As of April 30, 2009, the following Fund of Funds Portfolios and the Profit Sharing Master Trust were the beneficial owners of 5% or more of total outstanding shares for the following Funds:
Goldman Sachs | ||||||||||||||||||||
Goldman Sachs | Growth and | Goldman Sachs | Goldman Sachs | |||||||||||||||||
Balanced | Income | Growth | Equity Growth | Goldman Sachs | ||||||||||||||||
Strategy | Strategy | Strategy | Strategy | Profit Sharing | ||||||||||||||||
Fund | Portfolio | Portfolio | Portfolio | Portfolio | Master Trust | |||||||||||||||
Structured Large Cap Growth | — | % | 23 | % | 28 | % | 12 | % | — | % | ||||||||||
Structured Large Cap Value | 5 | 23 | 27 | 12 | — | |||||||||||||||
Structured Small Cap Equity | 7 | 29 | 23 | 10 | — | |||||||||||||||
Structured U.S. Equity | — | — | — | — | 12 | |||||||||||||||
Market and Credit Risks — In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.
Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, be subject to government ownership controls, have delayed settlements and their prices may be more volatile than those of comparable securities in the U.S.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
9. OTHER MATTERS
Indemnifications — Under the Trust’s organizational documents, its trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds believe the risk of loss under these arrangements to be remote.
New Accounting Pronouncements — In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is effective for the first interim or annual period beginning after November 15, 2008. FAS 161 requires enhanced disclosures about the Fund’s derivative and hedging activities. GSAM does not believe the adoption of FAS 161 will impact the amounts reported in the financial statements; however, additional disclosures will be required.
In April 2009, the FASB issued a new FASB Staff Position FSP FAS 157-4, which amends FAS 157, and is effective for interim and annual periods ending after June 15, 2009. FSP FAS 157-4 provides additional guidance when the volume and level of activity for the asset or liability measured at fair value has significantly decreased. Additionally, FSP FAS 157-4 expands disclosure by reporting entities with respect to categories of assets and liabilities carried at fair value. GSAM believes applying the provisions of FSP FAS 157-4 will not have a material impact on the funds financial statements.
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
10. SUMMARY OF SHARE TRANSACTIONS
Share activity is as follows:
Balanced Fund | ||||||||||||||||||||||||
For the Six Months Ended | For the Period | |||||||||||||||||||||||
April 30, 2009 | September 1, 2008 to | For the Fiscal Year Ended | ||||||||||||||||||||||
(Unaudited) | October 31, 2008* | August 31, 2008 | ||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 1,129,701 | $ | 15,524,454 | 157,717 | $ | 2,480,112 | 1,055,035 | $ | 20,299,858 | |||||||||||||||
Reinvestment of distributions | 143,253 | 1,933,078 | 88,982 | 1,433,500 | 750,142 | 14,546,929 | ||||||||||||||||||
Shares converted from Class B(a) | 13,413 | 177,666 | 6,433 | 110,009 | 36,531 | 706,128 | ||||||||||||||||||
Shares redeemed | (1,729,877 | ) | (23,188,609 | ) | (659,255 | ) | (10,497,629 | ) | (2,204,870 | ) | (41,724,886 | ) | ||||||||||||
(443,510 | ) | (5,553,411 | ) | (406,123 | ) | (6,474,008 | ) | (363,162 | ) | (6,171,971 | ) | |||||||||||||
Class B Shares | ||||||||||||||||||||||||
Shares sold | 52,212 | 698,327 | 20,543 | 316,249 | 113,767 | 2,181,577 | ||||||||||||||||||
Reinvestment of distributions | 9,180 | 123,204 | 5,833 | 93,262 | 57,595 | 1,112,115 | ||||||||||||||||||
Shares converted to Class A(a) | (13,520 | ) | (177,666 | ) | (6,490 | ) | (110,009 | ) | (36,847 | ) | (706,128 | ) | ||||||||||||
Shares redeemed | (115,574 | ) | (1,521,233 | ) | (47,681 | ) | (752,480 | ) | (222,209 | ) | (4,204,334 | ) | ||||||||||||
(67,702 | ) | (877,368 | ) | (27,795 | ) | (452,978 | ) | (87,694 | ) | (1,616,770 | ) | |||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 123,754 | 1,676,443 | 43,207 | 677,975 | 142,730 | 2,716,622 | ||||||||||||||||||
Reinvestment of distributions | 5,236 | 70,020 | 3,093 | 49,345 | 25,240 | 484,929 | ||||||||||||||||||
Shares redeemed | (126,691 | ) | (1,673,191 | ) | (38,273 | ) | (586,460 | ) | (96,963 | ) | (1,785,501 | ) | ||||||||||||
2,299 | 73,272 | 8,027 | 140,860 | 71,007 | 1,416,050 | |||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||
Shares sold | 5,693 | 77,772 | 7,909 | 117,199 | 27,227 | 567,849 | ||||||||||||||||||
Reinvestment of distributions | 3,226 | 44,163 | 1,825 | 29,821 | 15,181 | 297,837 | ||||||||||||||||||
Shares redeemed | (22,551 | ) | (314,026 | ) | (10,149 | ) | (174,824 | ) | (30,377 | ) | (569,898 | ) | ||||||||||||
(13,632 | ) | (192,091 | ) | (415 | ) | (27,804 | ) | 12,031 | 295,788 | |||||||||||||||
Service Shares(b) | ||||||||||||||||||||||||
Reinvestment of distributions | 1 | 11 | 1 | 14 | 7 | 127 | ||||||||||||||||||
Shares redeemed | (81 | ) | (1,018 | ) | — | — | — | — | ||||||||||||||||
(80 | ) | (1,007 | ) | 1 | 14 | 7 | 127 | |||||||||||||||||
NET DECREASE | (522,625 | ) | $ | (6,550,605 | ) | (426,305 | ) | $ | (6,813,916 | ) | (367,811 | ) | $ | (6,076,776 | ) | |||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. | |
(a) | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. | |
(b) | Service Shares liquidated on March 13, 2009. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
Structured Large Cap Growth Fund | ||||||||||||||||||||||||
For the Six Months Ended | For the Period | |||||||||||||||||||||||
April 30, 2009 | September 1, 2008 to | For the Fiscal Year Ended | ||||||||||||||||||||||
(Unaudited) | October 31, 2008* | August 31, 2008 | ||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 3,208,095 | $ | 25,984,079 | 1,699,581 | $ | 17,113,256 | 11,196,986 | $ | 150,204,131 | |||||||||||||||
Reinvestment of distributions | 299,358 | 2,418,814 | — | — | 369,448 | 5,379,159 | ||||||||||||||||||
Shares converted from Class B(a) | 185,816 | 1,434,845 | 137,036 | 1,559,472 | 513,196 | 7,025,033 | ||||||||||||||||||
Shares redeemed | (12,063,601 | ) | (95,934,043 | ) | (5,071,147 | ) | (49,617,457 | ) | (24,156,009 | ) | (331,132,435 | ) | ||||||||||||
(8,370,332 | ) | (66,096,305 | ) | (3,234,530 | ) | (30,944,729 | ) | (12,076,379 | ) | (168,524,112 | ) | |||||||||||||
Class B Shares | ||||||||||||||||||||||||
Shares sold | 76,792 | 570,483 | 26,947 | 252,968 | 145,793 | 1,844,645 | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 19,599 | 264,195 | ||||||||||||||||||
Shares converted to Class A(a) | (200,236 | ) | (1,434,845 | ) | (148,805 | ) | (1,559,472 | ) | (555,342 | ) | (7,025,033 | ) | ||||||||||||
Shares redeemed | (345,975 | ) | (2,536,812 | ) | (173,810 | ) | (1,714,234 | ) | (1,052,086 | ) | (13,231,865 | ) | ||||||||||||
(469,419 | ) | (3,401,174 | ) | (295,668 | ) | (3,020,738 | ) | (1,442,036 | ) | (18,148,058 | ) | |||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 68,378 | 503,387 | 35,680 | 324,163 | 175,838 | 2,226,533 | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 14,904 | 201,053 | ||||||||||||||||||
Shares redeemed | (304,302 | ) | (2,235,283 | ) | (153,252 | ) | (1,484,424 | ) | (786,655 | ) | (9,814,374 | ) | ||||||||||||
(235,924 | ) | (1,731,896 | ) | (117,572 | ) | (1,160,261 | ) | (595,913 | ) | (7,386,788 | ) | |||||||||||||
Institutional Shares | ||||||||||||||||||||||||
Shares sold | 1,475,174 | 12,323,836 | 1,217,235 | 12,354,469 | 26,017,707 | 359,384,015 | ||||||||||||||||||
Reinvestment of distributions | 1,391,880 | 11,524,762 | — | — | 1,269,583 | 19,005,664 | ||||||||||||||||||
Shares redeemed | (22,539,390 | ) | (184,153,301 | ) | (13,152,059 | ) | (141,303,390 | ) | (37,571,586 | ) | (545,479,426 | ) | ||||||||||||
(19,672,336 | ) | (160,304,703 | ) | (11,934,824 | ) | (128,948,921 | ) | (10,284,296 | ) | (167,089,747 | ) | |||||||||||||
Service Shares | ||||||||||||||||||||||||
Shares sold | 721 | 5,779 | 250 | 2,459 | 5,279 | 67,867 | ||||||||||||||||||
Reinvestment of distributions | 99 | 792 | — | — | 76 | 1,106 | ||||||||||||||||||
Shares redeemed | (9,084 | ) | (72,876 | ) | (1,186 | ) | (12,603 | ) | (1,269 | ) | (16,484 | ) | ||||||||||||
(8,264 | ) | (66,305 | ) | (936 | ) | (10,144 | ) | 4,086 | 52,489 | |||||||||||||||
Class IR Shares(b) | ||||||||||||||||||||||||
Shares sold | 3 | 22 | — | — | 688 | 10,000 | ||||||||||||||||||
Reinvestment of distributions | 11 | 82 | — | — | 9 | 134 | ||||||||||||||||||
Shares redeemed | (2 | ) | (14 | ) | — | — | — | — | ||||||||||||||||
12 | 90 | — | — | 697 | 10,134 | |||||||||||||||||||
Class R Shares(b) | ||||||||||||||||||||||||
Shares sold | 66 | 531 | — | — | 688 | 10,000 | ||||||||||||||||||
Reinvestment of distributions | 5 | 42 | — | — | 9 | 129 | ||||||||||||||||||
Shares redeemed | (2 | ) | (14 | ) | — | — | — | — | ||||||||||||||||
69 | 559 | — | — | 697 | 10,129 | |||||||||||||||||||
NET DECREASE | (28,756,194 | ) | $ | (231,599,734 | ) | (15,583,530 | ) | $ | (164,084,793 | ) | (24,393,144 | ) | $ | (361,075,953 | ) | |||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. | |
(a) | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. | |
(b) | Commenced operations November 30, 2007. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
Structured Large Cap Value Fund | ||||||||||||||||||||||||
For the Six Months Ended | For the Period | |||||||||||||||||||||||
April 30, 2009 | September 1, 2008 to | For the Fiscal Year Ended | ||||||||||||||||||||||
(Unaudited) | October 31, 2008* | August 31, 2008 | ||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 4,854,834 | $ | 35,629,053 | 4,801,622 | $ | 43,599,169 | 13,963,552 | $ | 170,233,927 | |||||||||||||||
Reinvestment of distributions | 491,458 | 3,497,383 | 157,271 | 1,538,109 | 1,895,332 | 25,035,000 | ||||||||||||||||||
Shares converted from Class B(a) | 36,811 | 250,523 | 19,065 | 199,615 | 152,140 | 1,953,439 | ||||||||||||||||||
Shares redeemed | (11,648,730 | ) | (82,250,162 | ) | (4,340,930 | ) | (40,851,065 | ) | (24,669,065 | ) | (318,455,989 | ) | ||||||||||||
(6,265,627 | ) | (42,873,203 | ) | 637,028 | 4,485,828 | (8,658,041 | ) | (121,233,623 | ) | |||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Shares sold | 56,597 | 410,858 | 12,295 | 109,743 | 68,069 | 899,439 | ||||||||||||||||||
Reinvestment of distributions | 5,290 | 37,476 | 1,219 | 11,847 | 33,242 | 438,125 | ||||||||||||||||||
Shares converted to Class A(a) | (37,031 | ) | (250,523 | ) | (19,212 | ) | (199,615 | ) | (153,320 | ) | (1,953,439 | ) | ||||||||||||
Shares redeemed | (151,226 | ) | (1,071,040 | ) | (43,895 | ) | (438,880 | ) | (445,487 | ) | (5,673,972 | ) | ||||||||||||
(126,370 | ) | (873,229 | ) | (49,593 | ) | (516,905 | ) | (497,496 | ) | (6,289,847 | ) | |||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 335,724 | 2,424,474 | 95,936 | 895,304 | 534,055 | 6,706,350 | ||||||||||||||||||
Reinvestment of distributions | 17,431 | 122,425 | 3,731 | 36,266 | 64,385 | 845,554 | ||||||||||||||||||
Shares redeemed | (383,039 | ) | (2,582,516 | ) | (125,472 | ) | (1,214,897 | ) | (731,446 | ) | (9,286,773 | ) | ||||||||||||
(29,884 | ) | (35,617 | ) | (25,805 | ) | (283,327 | ) | (133,006 | ) | (1,734,869 | ) | |||||||||||||
Institutional Shares | ||||||||||||||||||||||||
Shares sold | 4,084,073 | 29,458,405 | 14,004,831 | 144,446,164 | 30,078,360 | 369,120,048 | ||||||||||||||||||
Reinvestment of distributions | 1,516,928 | 10,798,568 | 496,152 | 4,847,407 | 4,659,539 | 61,350,437 | ||||||||||||||||||
Shares redeemed | (20,873,826 | ) | (152,557,210 | ) | (6,890,361 | ) | (64,112,937 | ) | (42,867,044 | ) | (566,971,121 | ) | ||||||||||||
(15,272,825 | ) | (112,300,237 | ) | 7,610,622 | 85,180,634 | (8,129,145 | ) | (136,500,636 | ) | |||||||||||||||
Service Shares | ||||||||||||||||||||||||
Shares sold | 269,629 | 1,909,905 | 100,216 | 874,422 | 289,681 | 3,786,119 | ||||||||||||||||||
Reinvestment of distributions | 10,814 | 76,194 | 2,707 | 26,582 | 32,800 | 433,662 | ||||||||||||||||||
Shares redeemed | (206,942 | ) | (1,390,055 | ) | (66,801 | ) | (611,337 | ) | (502,979 | ) | (6,398,204 | ) | ||||||||||||
73,501 | 596,044 | 36,122 | 289,667 | (180,498 | ) | (2,178,423 | ) | |||||||||||||||||
Class IR Shares(b) | ||||||||||||||||||||||||
Shares sold | 156 | 1,007 | — | — | 720 | 10,000 | ||||||||||||||||||
Reinvestment of distributions | 14 | 100 | 4 | 40 | 35 | 460 | ||||||||||||||||||
Shares redeemed | (3 | ) | (21 | ) | — | — | — | — | ||||||||||||||||
167 | 1,086 | 4 | 40 | 755 | 10,460 | |||||||||||||||||||
Class R Shares(b) | ||||||||||||||||||||||||
Shares sold | 2,367 | 15,032 | — | — | 720 | 10,000 | ||||||||||||||||||
Reinvestment of distributions | 29 | 198 | 3 | 29 | 33 | 432 | ||||||||||||||||||
Shares redeemed | (420 | ) | (2,861 | ) | — | — | — | — | ||||||||||||||||
1,976 | 12,369 | 3 | 29 | 753 | 10,432 | |||||||||||||||||||
NET INCREASE (DECREASE) | (21,619,062 | ) | $ | (155,472,787 | ) | 8,208,381 | $ | 89,155,966 | (17,596,678 | ) | $ | (267,916,506 | ) | |||||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. | |
(a) | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. | |
(b) | Commenced operations on November 30, 2007. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
Structured Small Cap Equity Fund | ||||||||||||||||||||||||
For the Six Months Ended | For the Period | |||||||||||||||||||||||
April 30, 2009 | September 1, 2008 to | For the Fiscal Year Ended | ||||||||||||||||||||||
(Unaudited) | October 31, 2008* | August 31, 2008 | ||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 3,307,623 | $ | 22,473,850 | 3,243,107 | $ | 27,860,596 | 16,457,006 | $ | 180,558,550 | |||||||||||||||
Reinvestment of distributions | 149,053 | 1,021,015 | — | — | 941,660 | 10,932,674 | ||||||||||||||||||
Shares converted from Class B(a) | 19,001 | 115,481 | 12,460 | 128,584 | 61,210 | 700,039 | ||||||||||||||||||
Shares redeemed | (5,879,212 | ) | (37,986,550 | ) | (2,171,807 | ) | (19,351,681 | ) | (14,406,345 | ) | (157,297,093 | ) | ||||||||||||
(2,403,535 | ) | (14,376,204 | ) | 1,083,760 | 8,637,499 | 3,053,531 | 34,894,170 | |||||||||||||||||
Class B Shares | ||||||||||||||||||||||||
Shares sold | 8,806 | 50,571 | 3,154 | 24,858 | 25,174 | 257,440 | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 44,660 | 468,477 | ||||||||||||||||||
Shares converted to Class A(a) | (21,055 | ) | (115,481 | ) | (13,871 | ) | (128,584 | ) | (67,639 | ) | (700,039 | ) | ||||||||||||
Shares redeemed | (90,448 | ) | (533,398 | ) | (44,727 | ) | (377,130 | ) | (341,337 | ) | (3,460,510 | ) | ||||||||||||
(102,697 | ) | (598,308 | ) | (55,444 | ) | (480,856 | ) | (339,142 | ) | (3,434,632 | ) | |||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 229,212 | 1,359,925 | 63,793 | 512,393 | 467,898 | 4,726,461 | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 96,746 | 1,019,705 | ||||||||||||||||||
Shares redeemed | (295,017 | ) | (1,725,182 | ) | (132,759 | ) | (1,081,608 | ) | (764,287 | ) | (7,853,989 | ) | ||||||||||||
(65,805 | ) | (365,257 | ) | (68,966 | ) | (569,215 | ) | (199,643 | ) | (2,107,823 | ) | |||||||||||||
Institutional Shares | ||||||||||||||||||||||||
Shares sold | 12,333,740 | 84,710,290 | 7,396,571 | 76,090,308 | 50,388,966 | 598,599,544 | ||||||||||||||||||
Reinvestment of distributions | 666,757 | 4,720,636 | — | — | 2,543,793 | 30,627,266 | ||||||||||||||||||
Shares redeemed | (10,147,519 | ) | (68,947,870 | ) | (4,688,217 | ) | (45,074,301 | ) | (48,193,694 | ) | (555,104,717 | ) | ||||||||||||
2,852,978 | 20,483,056 | 2,708,354 | 31,016,007 | 4,739,065 | 74,122,093 | |||||||||||||||||||
Service Shares | ||||||||||||||||||||||||
Shares sold | 43,581 | 273,907 | 17,923 | 150,900 | 176,262 | 2,077,012 | ||||||||||||||||||
Reinvestment of distributions | — | — | — | — | 34,909 | 399,355 | ||||||||||||||||||
Shares redeemed | (63,076 | ) | (424,451 | ) | (15,796 | ) | (140,106 | ) | (2,019,752 | ) | (23,744,921 | ) | ||||||||||||
(19,495 | ) | (150,544 | ) | 2,127 | 10,794 | (1,808,581 | ) | (21,268,554 | ) | |||||||||||||||
Class IR Shares(b) | ||||||||||||||||||||||||
Shares sold | 2 | 14 | — | — | 822 | 10,000 | ||||||||||||||||||
Reinvestment of distributions | 11 | 73 | — | — | 51 | 587 | ||||||||||||||||||
Shares redeemed | (2 | ) | (14 | ) | — | — | — | — | ||||||||||||||||
11 | 73 | — | — | 873 | 10,587 | |||||||||||||||||||
Class R Shares(b) | ||||||||||||||||||||||||
Shares sold | 4,094 | 23,616 | — | — | 822 | 10,000 | ||||||||||||||||||
Reinvestment of distributions | 5 | 31 | — | — | 51 | 587 | ||||||||||||||||||
Shares redeemed | (118 | ) | (714 | ) | — | — | — | — | ||||||||||||||||
3,981 | 22,933 | — | — | 873 | 10,587 | |||||||||||||||||||
NET INCREASE | 265,438 | $ | 5,015,749 | 3,669,831 | $ | 38,614,229 | 5,446,976 | $ | 82,226,428 | |||||||||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. | |
(a) | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. | |
(b) | Commenced operations on November 30, 2007. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
Structured Small Cap Growth Fund | ||||||||||||||||
For the Six Months Ended | ||||||||||||||||
April 30, 2009 | For the Fiscal Year Ended | |||||||||||||||
(Unaudited) | October 31, 2008 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 92,601 | $ | 1,029,750 | 253,854 | $ | 4,603,762 | ||||||||||
Reinvestment of distributions | — | — | 748,155 | 14,551,614 | ||||||||||||
Shares converted from Class B(a) | 54,097 | 555,642 | 120,402 | 2,255,198 | ||||||||||||
Shares redeemed | (339,408 | ) | (3,734,338 | ) | (832,749 | ) | (17,423,612 | ) | ||||||||
(192,710 | ) | (2,148,946 | ) | 289,662 | 3,986,962 | |||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 44,735 | 432,850 | 93,624 | 1,520,590 | ||||||||||||
Reinvestment of distributions | — | — | 579,271 | 9,917,126 | ||||||||||||
Shares converted to Class A(a) | (61,991 | ) | (555,642 | ) | (136,364 | ) | (2,255,198 | ) | ||||||||
Shares redeemed | (137,689 | ) | (1,287,968 | ) | (392,361 | ) | (6,285,168 | ) | ||||||||
(154,945 | ) | (1,410,760 | ) | 144,170 | 2,897,350 | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 43,884 | 427,775 | 81,176 | 1,244,530 | ||||||||||||
Reinvestment of distributions | — | — | 255,753 | 4,414,297 | ||||||||||||
Shares redeemed | (73,482 | ) | (700,202 | ) | (247,367 | ) | (4,019,220 | ) | ||||||||
(29,598 | ) | (272,427 | ) | 89,562 | 1,639,607 | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 12,809 | 160,008 | 17,671 | 372,717 | ||||||||||||
Reinvestment of distributions | — | — | 126,211 | 2,683,240 | ||||||||||||
Shares redeemed | (22,716 | ) | (278,068 | ) | (290,831 | ) | (8,788,036 | ) | ||||||||
(9,907 | ) | (118,060 | ) | (146,949 | ) | (5,732,079 | ) | |||||||||
Service Shares(b) | ||||||||||||||||
Shares sold | — | — | — | 15 | ||||||||||||
Reinvestment of distributions | — | — | 174 | 3,706 | ||||||||||||
Shares redeemed | (437 | ) | (4,686 | ) | — | — | ||||||||||
(437 | ) | (4,686 | ) | 174 | 3,721 | |||||||||||
Class IR Shares(c) | ||||||||||||||||
Shares sold | 1 | 12 | 301 | 10,017 | ||||||||||||
Reinvestment of distributions | — | — | 218 | 4,247 | ||||||||||||
Shares redeemed | (1 | ) | (6 | ) | — | — | ||||||||||
— | 6 | 519 | 14,264 | |||||||||||||
Class R Shares(c) | ||||||||||||||||
Shares sold | 1 | 12 | 301 | 10,017 | ||||||||||||
Reinvestment of distributions | — | — | 218 | 4,247 | ||||||||||||
Shares redeemed | (1 | ) | (6 | ) | — | — | ||||||||||
— | 6 | 519 | 14,264 | |||||||||||||
NET INCREASE (DECREASE) | (387,597 | ) | $ | (3,954,867 | ) | 377,657 | $ | 2,824,089 | ||||||||
(a) | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. | |
(b) | Service Shares liquidated on March 13, 2009. | |
(c) | Commenced operations on November 30, 2007. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
Structured Small Cap Value | ||||||||||||||||
For the Six Months Ended | ||||||||||||||||
April 30, 2009 | For the Fiscal Year Ended | |||||||||||||||
(Unaudited) | October 31, 2008* | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 1,786,443 | $ | 5,685,881 | 3,585,660 | $ | 13,331,067 | ||||||||||
Reinvestment of distributions | 520,831 | 1,177,078 | 31,184,235 | 114,757,958 | ||||||||||||
Shares converted from Class B(a) | 472,192 | 1,663,913 | 1,746,558 | 7,529,761 | ||||||||||||
Shares reduced in connection with reverse stock split | (27,278,084 | ) | — | — | — | |||||||||||
Shares redeemed | (3,434,410 | ) | (12,012,775 | ) | (20,957,206 | ) | (88,749,506 | ) | ||||||||
(27,933,028 | ) | (3,485,903 | ) | 15,559,247 | 46,869,280 | |||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 377,387 | 1,030,535 | 1,978,047 | 5,120,730 | ||||||||||||
Reinvestment of distributions | 295,915 | 476,900 | 26,624,622 | 69,756,508 | ||||||||||||
Shares converted to Class A(a) | (664,540 | ) | (1,663,913 | ) | (2,392,997 | ) | (7,529,761 | ) | ||||||||
Shares reduced in connection with reverse stock split | (17,995,519 | ) | — | — | — | |||||||||||
Shares redeemed | (2,216,842 | ) | (5,901,319 | ) | (13,494,060 | ) | (37,217,652 | ) | ||||||||
(20,203,599 | ) | (6,057,797 | ) | 12,715,612 | 30,129,825 | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 217,626 | 584,828 | 2,091,225 | 6,217,496 | ||||||||||||
Reinvestment of distributions | 104,901 | 189,870 | 12,572,207 | 37,088,011 | ||||||||||||
Shares reduced in connection with reverse stock split | (10,017,149 | ) | — | — | — | |||||||||||
Shares redeemed | (1,267,699 | ) | (3,522,666 | ) | (8,032,331 | ) | (24,896,263 | ) | ||||||||
(10,962,321 | ) | (2,747,968 | ) | 6,631,101 | 18,409,244 | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 458,037 | 1,269,203 | 112,314 | 456,240 | ||||||||||||
Reinvestment of distributions | 3,281 | 9,088 | 340,228 | 1,531,024 | ||||||||||||
Shares reduced in connection with reverse stock split | (563,035 | ) | — | — | — | |||||||||||
Shares redeemed | (300,664 | ) | (923,897 | ) | (1,139,045 | ) | (12,364,969 | ) | ||||||||
(402,381 | ) | 354,394 | (686,503 | ) | (10,377,705 | ) | ||||||||||
Service Shares(b) | ||||||||||||||||
Shares sold | 3 | 9 | — | — | ||||||||||||
Reinvestment of distributions | 23 | 63 | 1,235 | 5,521 | ||||||||||||
Shares reduced in connection with reverse stock split | (1,668 | ) | — | — | — | |||||||||||
Shares redeemed | (281 | ) | (4,314 | ) | — | — | ||||||||||
(1,923 | ) | (4,242 | ) | 1,235 | 5,521 | |||||||||||
Class IR Shares(c) | ||||||||||||||||
Shares sold | 1 | 16 | 860 | 10,001 | ||||||||||||
Reinvestment of distributions | 58 | 132 | 1,874 | 6,898 | ||||||||||||
Shares reduced in connection with reverse stock split | (2,393 | ) | — | — | — | |||||||||||
Shares redeemed | (1 | ) | (17 | ) | — | — | ||||||||||
(2,335 | ) | 131 | 2,734 | 16,899 | ||||||||||||
Class R Shares(c) | ||||||||||||||||
Shares sold | 1 | 16 | 860 | 10,001 | ||||||||||||
Reinvestment of distributions | 40 | 90 | 1,874 | 6,898 | ||||||||||||
Shares reduced in connection with reverse stock split | (2,378 | ) | — | — | — | |||||||||||
Shares redeemed | (1 | ) | (16 | ) | — | — | ||||||||||
(2,338 | ) | 90 | 2,734 | 16,899 | ||||||||||||
NET INCREASE (DECREASE) | (59,507,925 | ) | $ | (11,941,295 | ) | 34,226,160 | $ | 85,069,963 | ||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. | |
(a) | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. | |
(b) | Service Shares liquidated on March 13, 2009. | |
(c) | Commenced operations on November 30, 2007. |
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
Structured U.S. Equity Fund | ||||||||||||||||||||||||
For the Six Months Ended | For the Period | |||||||||||||||||||||||
April 30, 2009 | September 1, 2008 to | For the Fiscal Year Ended | ||||||||||||||||||||||
(Unaudited) | October 31, 2008* | August 31, 2008 | ||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 2,060,878 | $ | 34,307,845 | 540,381 | $ | 11,682,159 | 2,421,537 | $ | 69,141,329 | |||||||||||||||
Reinvestment of distributions | 490,248 | 8,388,144 | — | — | 2,784,888 | 82,182,032 | ||||||||||||||||||
Shares converted from Class B(a) | 357,628 | 5,622,837 | 235,391 | 5,477,546 | 598,342 | 17,174,887 | ||||||||||||||||||
Shares redeemed | (4,110,260 | ) | (66,670,457 | ) | (1,781,794 | ) | (38,108,740 | ) | (10,485,076 | ) | (304,328,753 | ) | ||||||||||||
(1,201,506 | ) | (18,351,631 | ) | (1,006,022 | ) | (20,949,035 | ) | (4,680,309 | ) | (135,830,505 | ) | |||||||||||||
Class B Shares | ||||||||||||||||||||||||
Shares sold | 72,445 | 1,109,984 | 19,204 | 357,827 | 159,273 | 4,274,838 | ||||||||||||||||||
Reinvestment of distributions | 29,127 | 468,071 | — | — | 481,703 | 13,270,900 | ||||||||||||||||||
Shares converted to Class A(a) | (381,194 | ) | (5,622,837 | ) | (253,590 | ) | (5,477,546 | ) | (641,927 | ) | (17,174,887 | ) | ||||||||||||
Shares redeemed | (590,202 | ) | (8,913,039 | ) | (401,252 | ) | (8,390,454 | ) | (1,614,094 | ) | (43,634,251 | ) | ||||||||||||
(869,824 | ) | (12,957,821 | ) | (635,638 | ) | (13,510,173 | ) | (1,615,045 | ) | (43,263,400 | ) | |||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 164,298 | 2,484,429 | 60,281 | 1,154,243 | 299,610 | 7,824,943 | ||||||||||||||||||
Reinvestment of distributions | 35,580 | 565,009 | — | — | 325,717 | 8,905,109 | ||||||||||||||||||
Shares redeemed | (380,983 | ) | (5,695,659 | ) | (172,694 | ) | (3,378,609 | ) | (1,318,091 | ) | (35,288,130 | ) | ||||||||||||
(181,105 | ) | (2,646,221 | ) | (112,413 | ) | (2,224,366 | ) | (692,764 | ) | (18,558,078 | ) | |||||||||||||
Institutional Shares | ||||||||||||||||||||||||
Shares sold | 1,015,779 | 16,960,571 | 250,688 | 5,325,464 | 1,989,341 | 62,391,136 | ||||||||||||||||||
Reinvestment of distributions | 248,314 | 4,338,032 | — | — | 1,316,314 | 39,739,505 | ||||||||||||||||||
Shares redeemed | (2,482,321 | ) | (42,571,637 | ) | (1,038,354 | ) | (22,785,719 | ) | (10,850,830 | ) | (333,729,698 | ) | ||||||||||||
(1,218,228 | ) | (21,273,034 | ) | (787,666 | ) | (17,460,255 | ) | (7,545,175 | ) | (231,599,057 | ) | |||||||||||||
Service Shares | ||||||||||||||||||||||||
Shares sold | 13,678 | 221,642 | 4,123 | 82,249 | 52,869 | 1,507,168 | ||||||||||||||||||
Reinvestment of distributions | 1,918 | 32,677 | — | — | 41,877 | 1,224,496 | ||||||||||||||||||
Shares redeemed | (22,691 | ) | (366,940 | ) | (5,574 | ) | (116,053 | ) | (418,454 | ) | (11,757,135 | ) | ||||||||||||
(7,095 | ) | (112,621 | ) | (1,451 | ) | (33,804 | ) | (323,708 | ) | (9,025,471 | ) | |||||||||||||
Class IR Shares(b) | ||||||||||||||||||||||||
Shares sold | 2 | 30 | — | — | 303 | 10,001 | ||||||||||||||||||
Reinvestment of distributions | 11 | 180 | — | — | 40 | 1,186 | ||||||||||||||||||
Shares redeemed | (1 | ) | (13 | ) | — | — | — | — | ||||||||||||||||
12 | 197 | — | — | 343 | 11,187 | |||||||||||||||||||
Class R Shares(b) | ||||||||||||||||||||||||
Shares sold | 1,095 | 16,167 | — | — | 303 | 10,001 | ||||||||||||||||||
Reinvestment of distributions | 8 | 139 | — | — | 40 | 1,181 | ||||||||||||||||||
Shares redeemed | (79 | ) | (1,295 | ) | — | — | — | — | ||||||||||||||||
1,024 | 15,011 | — | — | 343 | 11,182 | |||||||||||||||||||
NET DECREASE | (3,476,722 | ) | $ | (55,326,120 | ) | (2,543,190 | ) | $ | (54,177,633 | ) | (14,856,315 | ) | $ | (438,254,142 | ) | |||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. | |
(a) | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. | |
(b) | Commenced operations on November 30, 2007. |
GOLDMAN SACHS BALANCED FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions | |||||||||||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | income(a) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | ||||||||||||||||||||||||||||||||
2009 - A | $ | 14.64 | $ | 0.25 | $ | (0.74 | ) | $ | (0.49 | ) | $ | (0.26 | ) | $ | — | $ | (0.26 | ) | ||||||||||||||
2009 - B | 14.53 | 0.20 | (0.73 | ) | (0.53 | ) | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||
2009 - C | 14.49 | 0.19 | (0.72 | ) | (0.53 | ) | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||
2009 - Institutional | 14.86 | 0.28 | (0.76 | ) | (0.48 | ) | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||||||
FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008* | ||||||||||||||||||||||||||||||||
2008 - A | 17.71 | 0.10 | (2.99 | ) | (2.89 | ) | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||||
2008 - B | 17.56 | 0.08 | (2.96 | ) | (2.88 | ) | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||||
2008 - C | 17.52 | 0.08 | (2.96 | ) | (2.88 | ) | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||||
2008 - Institutional | 17.98 | 0.11 | (3.03 | ) | (2.92 | ) | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2008 - A | 20.66 | 0.64 | (1.86 | ) | (1.22 | ) | (0.53 | ) | (1.20 | ) | (1.73 | ) | ||||||||||||||||||||
2008 - B | 20.50 | 0.50 | (1.86 | ) | (1.36 | ) | (0.38 | ) | (1.20 | ) | (1.58 | ) | ||||||||||||||||||||
2008 - C | 20.46 | 0.50 | (1.86 | ) | (1.36 | ) | (0.38 | ) | (1.20 | ) | (1.58 | ) | ||||||||||||||||||||
2008 - Institutional | 20.95 | 0.73 | (1.89 | ) | (1.16 | ) | (0.61 | ) | (1.20 | ) | (1.81 | ) | ||||||||||||||||||||
2007 - A | 20.68 | 0.56 | 1.52 | 2.08 | (0.60 | ) | (1.50 | ) | (2.10 | ) | ||||||||||||||||||||||
2007 - B | 20.52 | 0.41 | 1.51 | 1.92 | (0.44 | ) | (1.50 | ) | (1.94 | ) | ||||||||||||||||||||||
2007 - C | 20.49 | 0.41 | 1.51 | 1.92 | (0.45 | ) | (1.50 | ) | (1.95 | ) | ||||||||||||||||||||||
2007 - Institutional | 20.94 | 0.66 | 1.53 | 2.19 | (0.68 | ) | (1.50 | ) | (2.18 | ) | ||||||||||||||||||||||
2006 - A | 19.88 | 0.46 | 0.74 | 1.20 | (0.40 | ) | — | (0.40 | ) | |||||||||||||||||||||||
2006 - B | 19.73 | 0.30 | 0.74 | 1.04 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||||||
2006 - C | 19.71 | 0.31 | 0.72 | 1.03 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||||||
2006 - Institutional | 20.12 | 0.55 | 0.75 | 1.30 | (0.48 | ) | — | (0.48 | ) | |||||||||||||||||||||||
2005 - A | 18.63 | 0.36 | (e) | 1.26 | 1.62 | (0.37 | ) | — | (0.37 | ) | ||||||||||||||||||||||
2005 - B | 18.49 | 0.21 | (e) | 1.26 | 1.47 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||||||
2005 - C | 18.47 | 0.21 | (e) | 1.26 | 1.47 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||||||
2005 - Institutional | 18.66 | 0.47 | (e) | 1.44 | 1.91 | (0.45 | ) | — | (0.45 | ) | ||||||||||||||||||||||
2004 - A | 17.21 | 0.31 | 1.48 | 1.79 | (0.37 | ) | — | (0.37 | ) | |||||||||||||||||||||||
2004 - B | 17.08 | 0.17 | 1.47 | 1.64 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||||||
2004 - C | 17.07 | 0.17 | 1.47 | 1.64 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||||||
2004 - Institutional | 17.24 | 0.38 | 1.48 | 1.86 | (0.44 | ) | — | (0.44 | ) | |||||||||||||||||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | The portfolio turnover rate excluding the effect of mortgage dollar rolls is 111% for the six months ended April 30, 2009, 57% for the period ended October 31, 2008, 178% for the fiscal year ended August 31, 2008, 54% for the year ended August 31, 2007 and 220% for the fiscal year ended August 31, 2006. Prior years include the effect of mortgage dollar roll transactions, if any. |
(d) | Annualized. |
(e) | Reflects income recognized from a special dividend which amounted to $0.04 per share and 0.20% of average net assets. |
(f) | The effects of rounding net asset value in connection with a significant transaction during the period resulted in an increase in total return and expense ratio of 0.88% and 0.06%, respectively. |
GOLDMAN SACHS BALANCED FUND
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | income | total expenses | income | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets | rate(c) | |||||||||||||||||||||||||||
$ | 13.89 | (3.30 | )% | $ | 104,757 | 1.05 | %(d) | 3.66 | %(d) | 1.41 | %(d) | 3.30 | %(d) | 114 | % | |||||||||||||||||||
13.79 | (3.63 | ) | 8,845 | 1.80 | (d) | 2.92 | (d) | 2.16 | (d) | 2.56 | (d) | 114 | ||||||||||||||||||||||
13.75 | (3.62 | ) | 6,289 | 1.80 | (d) | 2.90 | (d) | 2.16 | (d) | 2.54 | (d) | 114 | ||||||||||||||||||||||
14.09 | (3.19 | ) | 2,115 | 0.65 | (d) | 4.06 | (d) | 1.01 | (d) | 3.70 | (d) | 114 | ||||||||||||||||||||||
14.64 | (16.41 | ) | 116,915 | 1.04 | (d) | 3.72 | (d) | 1.54 | (d) | 3.22 | (d) | 58 | ||||||||||||||||||||||
14.53 | (16.49 | ) | 10,306 | 1.79 | (d) | 2.97 | (d) | 2.29 | (d) | 2.47 | (d) | 58 | ||||||||||||||||||||||
14.49 | (16.52 | ) | 6,597 | 1.79 | (d) | 2.97 | (d) | 2.29 | (d) | 2.47 | (d) | 58 | ||||||||||||||||||||||
14.86 | (16.35 | ) | 2,433 | 0.64 | (d) | 4.10 | (d) | 1.14 | (d) | 3.60 | (d) | 58 | ||||||||||||||||||||||
17.71 | (6.48 | ) | 148,623 | 1.03 | 3.37 | 1.29 | 3.11 | 184 | ||||||||||||||||||||||||||
17.56 | (7.21 | ) | 12,946 | 1.78 | 2.62 | 2.04 | 2.36 | 184 | ||||||||||||||||||||||||||
17.52 | (7.19 | ) | 7,835 | 1.78 | 2.63 | 2.04 | 2.37 | 184 | ||||||||||||||||||||||||||
17.98 | (6.10 | ) | 2,951 | 0.63 | 3.78 | 0.89 | 3.52 | 184 | ||||||||||||||||||||||||||
20.66 | 10.53 | 180,905 | 1.06 | 2.72 | 1.31 | 2.47 | 63 | |||||||||||||||||||||||||||
20.50 | 9.71 | 16,906 | 1.81 | 1.97 | 2.06 | 1.72 | 63 | |||||||||||||||||||||||||||
20.46 | 9.72 | 7,696 | 1.81 | 1.97 | 2.06 | 1.72 | 63 | |||||||||||||||||||||||||||
20.95 | 10.99 | 3,187 | 0.66 | 3.14 | 0.91 | 2.89 | 63 | |||||||||||||||||||||||||||
20.68 | 6.08 | 178,220 | 1.11 | 2.29 | 1.27 | 2.13 | 256 | |||||||||||||||||||||||||||
20.52 | 5.32 | 20,462 | 1.86 | 1.51 | 2.02 | 1.35 | 256 | |||||||||||||||||||||||||||
20.49 | 5.30 | 6,244 | 1.86 | 1.55 | 2.02 | 1.39 | 256 | |||||||||||||||||||||||||||
20.94 | 6.51 | 2,088 | 0.71 | 2.71 | 0.87 | 2.55 | 256 | |||||||||||||||||||||||||||
19.88 | 8.80 | 195,531 | 1.14 | 1.84 | (e) | 1.31 | 1.67 | (e) | 228 | |||||||||||||||||||||||||
19.73 | 8.00 | 29,093 | 1.89 | 1.10 | (e) | 2.06 | 0.93 | (e) | 228 | |||||||||||||||||||||||||
19.71 | 8.00 | 6,080 | 1.89 | 1.09 | (e) | 2.06 | 0.92 | (e) | 228 | |||||||||||||||||||||||||
20.12 | 10.36 | (f) | 2,052 | 0.80 | (f) | 2.14 | (e) | 0.93 | 2.01 | (e) | 228 | |||||||||||||||||||||||
18.63 | 10.47 | 169,436 | 1.15 | 1.68 | 1.30 | 1.53 | 208 | |||||||||||||||||||||||||||
18.49 | 9.67 | 31,067 | 1.90 | 0.93 | 2.05 | 0.78 | 208 | |||||||||||||||||||||||||||
18.47 | 9.63 | 5,803 | 1.90 | 0.93 | 2.05 | 0.78 | 208 | |||||||||||||||||||||||||||
18.66 | 10.88 | 2,127 | 0.75 | 2.08 | 0.90 | 1.93 | 208 | |||||||||||||||||||||||||||
GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions | |||||||||||||||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||||||
Year - Share Class | of period | income (loss)(a) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | ||||||||||||||||||||||||||||||||||||
2009 - A | $ | 8.94 | $ | 0.06 | $ | (0.36 | ) | $ | (0.30 | ) | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | ||||||||||||||||||
2009 - B | 8.23 | 0.03 | (0.34 | ) | (0.31 | ) | — | — | — | |||||||||||||||||||||||||||
2009 - C | 8.23 | 0.03 | (0.34 | ) | (0.31 | ) | — | — | — | |||||||||||||||||||||||||||
2009 - Institutional | 9.23 | 0.08 | (0.38 | ) | (0.30 | ) | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||||||
2009 - Service | 8.87 | 0.06 | (0.36 | ) | (0.30 | ) | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||||
2009 - IR | 8.92 | 0.06 | (0.35 | ) | (0.29 | ) | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||||
2009 - R | 8.89 | 0.05 | (0.36 | ) | (0.31 | ) | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||||
FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008* | ||||||||||||||||||||||||||||||||||||
2008 - A | 12.38 | 0.01 | (3.45 | ) | (3.44 | ) | — | — | — | |||||||||||||||||||||||||||
2008 - B | 11.40 | (0.01 | ) | (3.16 | ) | (3.17 | ) | — | — | — | ||||||||||||||||||||||||||
2008 - C | 11.41 | (0.01 | ) | (3.17 | ) | (3.18 | ) | — | — | — | ||||||||||||||||||||||||||
2008 - Institutional | 12.76 | 0.01 | (3.54 | ) | (3.53 | ) | — | — | — | |||||||||||||||||||||||||||
2008 - Service | 12.28 | — | (c) | (3.41 | ) | (3.41 | ) | — | — | — | ||||||||||||||||||||||||||
2008 - IR | 12.35 | 0.01 | (3.44 | ) | (3.43 | ) | — | — | — | |||||||||||||||||||||||||||
2008 - R | 12.31 | — | (c) | (3.42 | ) | (3.42 | ) | — | — | — | ||||||||||||||||||||||||||
FOR THE FISCAL YEARS ENDED OCTOBER 31, | ||||||||||||||||||||||||||||||||||||
2008 - A | 14.36 | 0.06 | (1.91 | ) | (1.85 | ) | (0.03 | ) | (0.10 | ) | (0.13 | ) | ||||||||||||||||||||||||
2008 - B | 13.31 | (0.04 | ) | (1.77 | ) | (1.81 | ) | — | (c) | (0.10 | ) | (0.10 | ) | |||||||||||||||||||||||
2008 - C | 13.31 | (0.04 | ) | (1.76 | ) | (1.80 | ) | — | (c) | (0.10 | ) | (0.10 | ) | |||||||||||||||||||||||
2008 - Institutional | 14.81 | 0.11 | (1.97 | ) | (1.86 | ) | (0.09 | ) | (0.10 | ) | (0.19 | ) | ||||||||||||||||||||||||
2008 - Service | 14.25 | 0.04 | (1.90 | ) | (1.86 | ) | (0.01 | ) | (0.10 | ) | (0.11 | ) | ||||||||||||||||||||||||
2008 - IR (Commenced November 30, 2007) | 14.53 | 0.06 | (2.05 | ) | (1.99 | ) | (0.09 | ) | (0.10 | ) | (0.19 | ) | ||||||||||||||||||||||||
2008 - R (Commenced November 30, 2007) | 14.53 | 0.02 | (2.05 | ) | (2.03 | ) | (0.09 | ) | (0.10 | ) | (0.19 | ) | ||||||||||||||||||||||||
2007 - A | 13.20 | 0.04 | 1.13 | 1.17 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||||||
2007 - B | 12.33 | (0.06 | ) | 1.04 | 0.98 | — | — | — | ||||||||||||||||||||||||||||
2007 - C | 12.34 | (0.06 | ) | 1.03 | 0.97 | — | — | — | ||||||||||||||||||||||||||||
2007 - Institutional | 13.58 | 0.10 | 1.17 | 1.27 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||||||||
2007 - Service | 13.10 | 0.02 | 1.13 | 1.15 | — | — | — | |||||||||||||||||||||||||||||
2006 - A | 12.55 | 0.04 | 0.61 | 0.65 | — | (c) | — | — | ||||||||||||||||||||||||||||
2006 - B | 11.81 | (0.06 | ) | 0.58 | 0.52 | — | — | — | ||||||||||||||||||||||||||||
2006 - C | 11.81 | (0.06 | ) | 0.59 | 0.53 | — | — | — | ||||||||||||||||||||||||||||
2006 - Institutional | 12.89 | 0.09 | 0.64 | 0.73 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||||||||
2006 - Service | 12.43 | 0.02 | 0.65 | 0.67 | — | — | — | |||||||||||||||||||||||||||||
2005 - A | 11.13 | 0.04 | (d) | 1.38 | (f) | 1.42 | — | — | — | |||||||||||||||||||||||||||
2005 - B | 10.55 | (0.04 | )(d) | 1.30 | (f) | 1.26 | — | — | — | |||||||||||||||||||||||||||
2005 - C | 10.55 | (0.04 | )(d) | 1.30 | (f) | 1.26 | — | — | — | |||||||||||||||||||||||||||
2005 - Institutional | 11.38 | 0.08 | (d) | 1.43 | (f) | 1.51 | — | — | — | |||||||||||||||||||||||||||
2005 - Service | 11.04 | 0.04 | (d) | 1.35 | (f) | 1.39 | — | — | — | |||||||||||||||||||||||||||
2004 - A | 10.33 | (0.01 | ) | 0.81 | 0.80 | — | — | — | ||||||||||||||||||||||||||||
2004 - B | 9.87 | (0.09 | ) | 0.77 | 0.68 | — | — | — | ||||||||||||||||||||||||||||
2004 - C | 9.87 | (0.09 | ) | 0.77 | 0.68 | — | — | — | ||||||||||||||||||||||||||||
2004 - Institutional | 10.52 | 0.03 | 0.83 | 0.86 | — | — | — | |||||||||||||||||||||||||||||
2004 - Service | 10.26 | (0.02 | ) | 0.80 | 0.78 | — | — | — | ||||||||||||||||||||||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Amount is less than $0.005 per share. |
(d) | Reflects income recognized from a special dividend which amounted to $0.03 per share and 0.30% of average net assets. |
(e) | Performance has not been restated to reflect the impact of security claims recorded during the period. If restated the performance would have been 12.67%, 11.85%, 11.85%, 13.18%, and 12.50% for Class A, Class B, Class C, Institutional and Service Shares, respectively. |
(f) | Reflects an increase of $0.01 due to payments by affiliates during the period to reimburse certain security claims. |
(g) | Annualized. |
GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 8.56 | (3.30 | )% | $ | 201,383 | 0.95 | %(g) | 1.52 | %(g) | 1.16 | %(g) | 1.31 | %(g) | 45 | % | |||||||||||||||||||
7.92 | (3.77 | ) | 11,813 | 1.70 | (g) | 0.77 | (g) | 1.91 | (g) | 0.56 | (g) | 45 | ||||||||||||||||||||||
7.92 | (3.77 | ) | 13,846 | 1.70 | (g) | 0.71 | (g) | 1.91 | (g) | 0.50 | (g) | 45 | ||||||||||||||||||||||
8.79 | (3.21 | ) | 602,499 | 0.55 | (g) | 1.92 | (g) | 0.76 | (g) | 1.71 | (g) | 45 | ||||||||||||||||||||||
8.49 | (3.34 | ) | 111 | 1.05 | (g) | 1.57 | (g) | 1.26 | (g) | 1.36 | (g) | 45 | ||||||||||||||||||||||
8.51 | (3.19 | ) | 6 | 0.70 | (g) | 1.64 | (g) | 0.91 | (g) | 1.43 | (g) | 45 | ||||||||||||||||||||||
8.52 | (3.45 | ) | 6 | 1.20 | (g) | 1.20 | (g) | 1.41 | (g) | 0.99 | (g) | 45 | ||||||||||||||||||||||
8.94 | (27.79 | ) | 285,337 | 0.95 | (g) | 0.34 | (g) | 1.14 | (g) | 0.15 | (g) | 19 | ||||||||||||||||||||||
8.23 | (27.81 | ) | 16,129 | 1.70 | (g) | (0.38 | )(g) | 1.89 | (g) | (0.57 | )(g) | 19 | ||||||||||||||||||||||
8.23 | (27.87 | ) | 16,324 | 1.70 | (g) | (0.41 | )(g) | 1.89 | (g) | (0.60 | )(g) | 19 | ||||||||||||||||||||||
9.23 | (27.66 | ) | 814,036 | 0.55 | (g) | 0.74 | (g) | 0.74 | (g) | 0.55 | (g) | 19 | ||||||||||||||||||||||
8.87 | (27.77 | ) | 189 | 1.05 | (g) | 0.23 | (g) | 1.24 | (g) | 0.44 | (g) | 19 | ||||||||||||||||||||||
8.92 | (27.77 | ) | 6 | 0.70 | (g) | 0.63 | (g) | 0.89 | (g) | 0.44 | (g) | 19 | ||||||||||||||||||||||
8.89 | (27.78 | ) | 6 | 1.20 | (g) | 0.13 | (g) | 1.39 | (g) | (0.06 | )(g) | 19 | ||||||||||||||||||||||
12.38 | (12.96 | ) | 434,970 | 0.95 | 0.40 | 1.10 | 0.25 | 118 | ||||||||||||||||||||||||||
11.40 | (13.71 | ) | 25,718 | 1.70 | (0.34 | ) | 1.85 | (0.49 | ) | 118 | ||||||||||||||||||||||||
11.41 | (13.63 | ) | 23,960 | 1.70 | (0.34 | ) | 1.85 | (0.49 | ) | 118 | ||||||||||||||||||||||||
12.76 | (12.71 | ) | 1,278,322 | 0.55 | 0.82 | 0.70 | 0.67 | 118 | ||||||||||||||||||||||||||
12.28 | (13.11 | ) | 273 | 1.05 | 0.32 | 1.20 | 0.17 | 118 | ||||||||||||||||||||||||||
12.35 | (13.86 | ) | 9 | 0.70 | (g) | 0.63 | (g) | 0.85 | (g) | 0.48 | (g) | 118 | ||||||||||||||||||||||
12.31 | (14.18 | ) | 9 | 1.20 | (g) | 0.21 | (g) | 1.35 | (g) | 0.06 | (g) | 118 | ||||||||||||||||||||||
14.36 | 8.85 | 678,286 | 0.95 | 0.30 | 1.09 | 0.16 | 140 | |||||||||||||||||||||||||||
13.31 | 7.95 | 49,211 | 1.70 | (0.48 | ) | 1.84 | (0.62 | ) | 140 | |||||||||||||||||||||||||
13.31 | 7.86 | 35,896 | 1.70 | (0.48 | ) | 1.84 | (0.62 | ) | 140 | |||||||||||||||||||||||||
14.81 | 9.39 | 1,635,283 | 0.55 | 0.69 | 0.69 | 0.55 | 140 | |||||||||||||||||||||||||||
14.25 | 8.78 | 258 | 1.05 | 0.12 | 1.19 | (0.02 | ) | 140 | ||||||||||||||||||||||||||
13.20 | 5.21 | 310,386 | 1.00 | 0.28 | 1.16 | 0.12 | 111 | |||||||||||||||||||||||||||
12.33 | 4.40 | 41,947 | 1.76 | (0.52 | ) | 1.91 | (0.67 | ) | 111 | |||||||||||||||||||||||||
12.34 | 4.49 | 22,811 | 1.76 | (0.52 | ) | 1.91 | (0.67 | ) | 111 | |||||||||||||||||||||||||
13.58 | 5.66 | 488,448 | 0.60 | 0.69 | 0.76 | 0.53 | 111 | |||||||||||||||||||||||||||
13.10 | 5.39 | 260 | 1.10 | 0.15 | 1.26 | (0.01 | ) | 111 | ||||||||||||||||||||||||||
12.55 | 12.76 | (e) | 166,792 | 1.11 | 0.37 | (d) | 1.24 | 0.24 | (d) | 146 | ||||||||||||||||||||||||
11.81 | 11.94 | (e) | 65,545 | 1.86 | (0.32 | )(d) | 1.99 | (0.45 | )(d) | 146 | ||||||||||||||||||||||||
11.81 | 11.94 | (e) | 29,672 | 1.86 | (0.32 | )(d) | 1.99 | (0.45 | )(d) | 146 | ||||||||||||||||||||||||
12.89 | 13.27 | (e) | 263,906 | 0.71 | 0.65 | (d) | 0.84 | 0.52 | (d) | 146 | ||||||||||||||||||||||||
12.43 | 12.59 | (e) | 227 | 1.21 | 0.38 | (d) | 1.34 | 0.25 | (d) | 146 | ||||||||||||||||||||||||
11.13 | 7.74 | 120,872 | 1.15 | (0.10 | ) | 1.29 | (0.24 | ) | 149 | |||||||||||||||||||||||||
10.55 | 6.89 | 78,810 | 1.90 | (0.85 | ) | 2.04 | (0.99 | ) | 149 | |||||||||||||||||||||||||
10.55 | 6.89 | 32,901 | 1.90 | (0.85 | ) | 2.04 | (0.99 | ) | 149 | |||||||||||||||||||||||||
11.38 | 8.17 | 109,353 | 0.75 | 0.31 | 0.89 | 0.17 | 149 | |||||||||||||||||||||||||||
11.04 | 7.60 | 361 | 1.25 | (0.20 | ) | 1.39 | (0.34 | ) | 149 | |||||||||||||||||||||||||
GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions | |||||||||||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | income (loss)(a) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | ||||||||||||||||||||||||||||||||
2009 - A | $ | 8.60 | $ | 0.11 | $ | (1.47 | ) | $ | (1.36 | ) | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | ||||||||||||||
2009 - B | 8.54 | 0.08 | (1.46 | ) | (1.38 | ) | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||
2009 - C | 8.54 | 0.08 | (1.46 | ) | (1.38 | ) | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||
2009 - Institutional | 8.59 | 0.12 | (1.47 | ) | (1.35 | ) | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||
2009 - Service | 8.63 | 0.10 | (1.47 | ) | (1.37 | ) | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||
2009 - IR | 8.59 | 0.11 | (1.47 | ) | (1.36 | ) | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||
2009 - R | 8.59 | 0.07 | (1.44 | ) | (1.37 | ) | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||
FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008* | ||||||||||||||||||||||||||||||||
2008 - A | 11.24 | 0.03 | (2.62 | ) | (2.59 | ) | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||
2008 - B | 11.16 | 0.02 | (2.62 | ) | (2.60 | ) | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||||
2008 - C | 11.16 | 0.02 | (2.62 | ) | (2.60 | ) | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||||
2008 - Institutional | 11.24 | 0.04 | (2.63 | ) | (2.59 | ) | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||
2008 - Service | 11.28 | 0.03 | (2.64 | ) | (2.61 | ) | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||
2008 - IR | 11.23 | 0.03 | (2.62 | ) | (2.59 | ) | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||
2008 - R | 11.23 | 0.02 | (2.62 | ) | (2.60 | ) | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2008 - A | 14.51 | 0.18 | (2.80 | ) | (2.62 | ) | (0.19 | ) | (0.46 | ) | (0.65 | ) | ||||||||||||||||||||
2008 - B | 14.39 | 0.09 | (2.78 | ) | (2.69 | ) | (0.08 | ) | (0.46 | ) | (0.54 | ) | ||||||||||||||||||||
2008 - C | 14.40 | 0.09 | (2.78 | ) | (2.69 | ) | (0.09 | ) | (0.46 | ) | (0.55 | ) | ||||||||||||||||||||
2008 - Institutional | 14.51 | 0.23 | (2.80 | ) | (2.57 | ) | (0.24 | ) | (0.46 | ) | (0.70 | ) | ||||||||||||||||||||
2008 - Service | 14.56 | 0.17 | (2.82 | ) | (2.65 | ) | (0.17 | ) | (0.46 | ) | (0.63 | ) | ||||||||||||||||||||
2008 - IR (Commenced November 30, 2007) | 13.89 | 0.15 | (2.18 | ) | (2.03 | ) | (0.17 | ) | (0.46 | ) | (0.63 | ) | ||||||||||||||||||||
2008 - R (Commenced November 30, 2007) | 13.89 | 0.11 | (2.17 | ) | (2.06 | ) | (0.14 | ) | (0.46 | ) | (0.60 | ) | ||||||||||||||||||||
2007 - A | 13.99 | 0.18 | 1.06 | 1.24 | (0.17 | ) | (0.55 | ) | (0.72 | ) | ||||||||||||||||||||||
2007 - B | 13.88 | 0.07 | 1.04 | 1.11 | (0.05 | ) | (0.55 | ) | (0.60 | ) | ||||||||||||||||||||||
2007 - C | 13.90 | 0.07 | 1.04 | 1.11 | (0.06 | ) | (0.55 | ) | (0.61 | ) | ||||||||||||||||||||||
2007 - Institutional | 14.00 | 0.24 | 1.04 | 1.28 | (0.22 | ) | (0.55 | ) | (0.77 | ) | ||||||||||||||||||||||
2007 - Service | 14.06 | 0.17 | 1.05 | 1.22 | (0.17 | ) | (0.55 | ) | (0.72 | ) | ||||||||||||||||||||||
2006 - A | 12.69 | 0.17 | 1.51 | 1.68 | (0.14 | ) | (0.24 | ) | (0.38 | ) | ||||||||||||||||||||||
2006 - B | 12.59 | 0.07 | 1.49 | 1.56 | (0.03 | ) | (0.24 | ) | (0.27 | ) | ||||||||||||||||||||||
2006 - C | 12.60 | 0.07 | 1.50 | 1.57 | (0.03 | ) | (0.24 | ) | (0.27 | ) | ||||||||||||||||||||||
2006 - Institutional | 12.69 | 0.23 | 1.50 | 1.73 | (0.18 | ) | (0.24 | ) | (0.42 | ) | ||||||||||||||||||||||
2006 - Service | 12.73 | 0.17 | 1.50 | 1.67 | (0.10 | ) | (0.24 | ) | (0.34 | ) | ||||||||||||||||||||||
2005 - A | 11.15 | 0.12 | 1.76 | 1.88 | (0.09 | ) | (0.25 | ) | (0.34 | ) | ||||||||||||||||||||||
2005 - B | 11.06 | 0.03 | 1.76 | 1.79 | (0.01 | ) | (0.25 | ) | (0.26 | ) | ||||||||||||||||||||||
2005 - C | 11.07 | 0.03 | 1.76 | 1.79 | (0.01 | ) | (0.25 | ) | (0.26 | ) | ||||||||||||||||||||||
2005 - Institutional | 11.14 | 0.17 | 1.77 | 1.94 | (0.14 | ) | (0.25 | ) | (0.39 | ) | ||||||||||||||||||||||
2005 - Service | 11.18 | 0.11 | 1.77 | 1.88 | (0.08 | ) | (0.25 | ) | (0.33 | ) | ||||||||||||||||||||||
2004 - A | 9.48 | 0.04 | 1.75 | 1.79 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||||||
2004 - B | 9.40 | (0.04 | ) | 1.74 | 1.70 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||
2004 - C | 9.42 | (0.04 | ) | 1.73 | 1.69 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||
2004 - Institutional | 9.47 | 0.09 | 1.74 | 1.83 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||
2004 - Service | 9.50 | 0.03 | 1.76 | 1.79 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | income | total expenses | income | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 7.13 | (15.92 | )% | $ | 212,795 | 0.95 | %(c) | 3.02 | %(c) | 1.13 | %(c) | 2.84 | %(c) | 46 | % | |||||||||||||||||||
7.08 | (16.24 | ) | 3,392 | 1.70 | (c) | 2.28 | (c) | 1.88 | (c) | 2.10 | (c) | 46 | ||||||||||||||||||||||
7.08 | (16.12 | ) | 11,415 | 1.70 | (c) | 2.21 | (c) | 1.88 | (c) | 2.03 | (c) | 46 | ||||||||||||||||||||||
7.12 | (15.74 | ) | 596,543 | 0.55 | (c) | 3.41 | (c) | 0.73 | (c) | 3.23 | (c) | 46 | ||||||||||||||||||||||
7.15 | (15.90 | ) | 6,486 | 1.05 | (c) | 2.86 | (c) | 1.23 | (c) | 2.68 | (c) | 46 | ||||||||||||||||||||||
7.11 | (15.82 | ) | 7 | 0.70 | (c) | 3.09 | (c) | 0.88 | (c) | 2.91 | (c) | 46 | ||||||||||||||||||||||
7.11 | (15.95 | ) | 19 | 1.20 | (c) | 1.95 | (c) | 1.38 | (c) | 1.77 | (c) | 46 | ||||||||||||||||||||||
8.60 | (23.14 | ) | 310,622 | 0.95 | (c) | 1.59 | (c) | 1.10 | (c) | 1.44 | (c) | 24 | ||||||||||||||||||||||
8.54 | (23.21 | ) | 5,170 | 1.70 | (c) | 0.87 | (c) | 1.85 | (c) | 0.72 | (c) | 24 | ||||||||||||||||||||||
8.54 | (23.29 | ) | 14,029 | 1.70 | (c) | 0.86 | (c) | 1.85 | (c) | 0.71 | (c) | 24 | ||||||||||||||||||||||
8.59 | (23.05 | ) | 851,132 | 0.55 | (c) | 2.02 | (c) | 0.70 | (c) | 1.87 | (c) | 24 | ||||||||||||||||||||||
8.63 | (23.16 | ) | 7,193 | 1.05 | (c) | 1.50 | (c) | 1.20 | (c) | 1.35 | (c) | 24 | ||||||||||||||||||||||
8.59 | (23.10 | ) | 7 | 0.70 | (c) | 1.81 | (c) | 0.85 | (c) | 1.66 | (c) | 24 | ||||||||||||||||||||||
8.59 | (23.21 | ) | 6 | 1.20 | (c) | 1.33 | (c) | 1.35 | (c) | 1.18 | (c) | 24 | ||||||||||||||||||||||
11.24 | (18.65 | ) | 398,881 | 0.95 | 1.41 | 1.05 | 1.31 | 130 | ||||||||||||||||||||||||||
11.16 | (19.22 | ) | 7,306 | 1.70 | 0.67 | 1.80 | 0.57 | 130 | ||||||||||||||||||||||||||
11.16 | (19.21 | ) | 18,614 | 1.70 | 0.67 | 1.80 | 0.57 | 130 | ||||||||||||||||||||||||||
11.24 | (18.30 | ) | 1,027,705 | 0.55 | 1.82 | 0.65 | 1.72 | 130 | ||||||||||||||||||||||||||
11.28 | (18.73 | ) | 8,994 | 1.05 | 1.31 | 1.15 | 1.21 | 130 | ||||||||||||||||||||||||||
11.23 | (15.18 | ) | 8 | 0.70 | (c) | 1.70 | (c) | 0.80 | (c) | 1.60 | (c) | 130 | ||||||||||||||||||||||
11.23 | (15.44 | ) | 8 | 1.20 | (c) | 1.26 | (c) | 1.30 | (c) | 1.16 | (c) | 130 | ||||||||||||||||||||||
14.51 | 8.90 | 640,535 | 0.95 | 1.23 | 1.04 | 1.14 | 119 | |||||||||||||||||||||||||||
14.39 | 8.03 | 16,587 | 1.70 | 0.46 | 1.79 | 0.37 | 119 | |||||||||||||||||||||||||||
14.40 | 7.99 | 25,946 | 1.70 | 0.47 | 1.79 | 0.38 | 119 | |||||||||||||||||||||||||||
14.51 | 9.24 | 1,444,839 | 0.55 | 1.64 | 0.64 | 1.55 | 119 | |||||||||||||||||||||||||||
14.56 | 8.70 | 14,237 | 1.05 | 1.14 | 1.14 | 1.05 | 119 | |||||||||||||||||||||||||||
13.99 | 13.43 | 438,245 | 0.99 | 1.31 | 1.10 | 1.20 | 127 | |||||||||||||||||||||||||||
13.88 | 12.56 | 19,200 | 1.75 | 0.49 | 1.84 | 0.40 | 127 | |||||||||||||||||||||||||||
13.90 | 12.66 | 22,768 | 1.75 | 0.51 | 1.84 | 0.41 | 127 | |||||||||||||||||||||||||||
14.00 | 13.92 | 715,191 | 0.59 | 1.69 | 0.69 | 1.59 | 127 | |||||||||||||||||||||||||||
14.06 | 13.35 | 1,697 | 1.11 | 1.28 | 1.20 | 1.19 | 127 | |||||||||||||||||||||||||||
12.69 | 17.13 | 186,441 | 1.10 | 0.99 | 1.14 | 0.95 | 132 | |||||||||||||||||||||||||||
12.59 | 16.32 | 20,479 | 1.85 | 0.22 | 1.89 | 0.18 | 132 | |||||||||||||||||||||||||||
12.60 | 16.32 | 20,666 | 1.85 | 0.22 | 1.89 | 0.18 | 132 | |||||||||||||||||||||||||||
12.69 | 17.69 | 384,875 | 0.70 | 1.39 | 0.74 | 1.35 | 132 | |||||||||||||||||||||||||||
12.73 | 17.06 | 799 | 1.20 | 0.87 | 1.24 | 0.83 | 132 | |||||||||||||||||||||||||||
11.15 | 18.93 | 100,374 | 1.10 | 0.95 | 1.15 | 0.90 | 154 | |||||||||||||||||||||||||||
11.06 | 18.09 | 19,819 | 1.85 | 0.19 | 1.90 | 0.14 | 154 | |||||||||||||||||||||||||||
11.07 | 17.97 | 17,027 | 1.85 | 0.19 | 1.90 | 0.14 | 154 | |||||||||||||||||||||||||||
11.14 | 19.41 | 194,541 | 0.70 | 1.36 | 0.75 | 1.31 | 154 | |||||||||||||||||||||||||||
11.18 | 18.89 | 487 | 1.20 | 0.84 | 1.25 | 0.79 | 154 | |||||||||||||||||||||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions | |||||||||||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | (loss)(a) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | ||||||||||||||||||||||||||||||||
2009 - A | $ | 7.98 | $ | 0.05 | $ | (0.85 | ) | $ | (0.80 | ) | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | ||||||||||||||
2009 - B | 7.16 | 0.03 | (0.77 | ) | (0.74 | ) | — | — | — | |||||||||||||||||||||||
2009 - C | 7.19 | 0.02 | (0.76 | ) | (0.74 | ) | — | — | — | |||||||||||||||||||||||
2009 - Institutional | 8.30 | 0.06 | (0.87 | ) | (0.81 | ) | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||
2009 - Service | 7.85 | 0.05 | (0.83 | ) | (0.78 | ) | — | — | — | |||||||||||||||||||||||
2009 - IR | 7.96 | 0.06 | (0.85 | ) | (0.79 | ) | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||
2009 - R | 7.93 | 0.02 | (0.81 | ) | (0.79 | ) | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||
FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31* | ||||||||||||||||||||||||||||||||
2008 - A | 11.00 | 0.02 | (3.04 | ) | (3.02 | ) | — | — | — | |||||||||||||||||||||||
2008 - B | 9.89 | — | (d) | (2.73 | ) | (2.73 | ) | — | — | — | ||||||||||||||||||||||
2008 - C | 9.94 | — | (d) | (2.75 | ) | (2.75 | ) | — | — | — | ||||||||||||||||||||||
2008 - Institutional | 11.45 | 0.02 | (3.17 | ) | (3.15 | ) | — | — | — | |||||||||||||||||||||||
2008 - Service | 10.84 | 0.01 | (3.00 | ) | (2.99 | ) | — | — | — | |||||||||||||||||||||||
2008 - IR | 10.98 | 0.02 | (3.04 | ) | (3.02 | ) | — | — | — | |||||||||||||||||||||||
2008 - R | 10.95 | 0.01 | (3.03 | ) | (3.02 | ) | — | — | — | |||||||||||||||||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2008 - A | 12.89 | 0.01 | (1.23 | ) | (1.22 | ) | (0.01 | ) | (0.66 | ) | (0.67 | ) | ||||||||||||||||||||
2008 - B | 11.74 | (0.06 | ) | (1.13 | ) | (1.19 | ) | — | (0.66 | ) | (0.66 | ) | ||||||||||||||||||||
2008 - C | 11.79 | (0.06 | ) | (1.13 | ) | (1.19 | ) | — | (0.66 | ) | (0.66 | ) | ||||||||||||||||||||
2008 - Institutional | 13.37 | 0.06 | (1.27 | ) | (1.21 | ) | (0.05 | ) | (0.66 | ) | (0.71 | ) | ||||||||||||||||||||
2008 - Service | 12.72 | 0.01 | (1.23 | ) | (1.22 | ) | — | (0.66 | ) | (0.66 | ) | |||||||||||||||||||||
2008 - IR (Commenced November 30, 2007) | 12.16 | 0.03 | (0.50 | ) | (0.47 | ) | (0.05 | ) | (0.66 | ) | (0.71 | ) | ||||||||||||||||||||
2008 - R (Commenced November 30, 2007) | 12.16 | (0.01 | ) | (0.49 | ) | (0.50 | ) | (0.05 | ) | (0.66 | ) | (0.71 | ) | |||||||||||||||||||
2007 - A | 13.76 | 0.04 | (0.06 | ) | (0.02 | ) | (0.01 | ) | (0.84 | ) | (0.85 | ) | ||||||||||||||||||||
2007 - B | 12.69 | (0.06 | ) | (0.05 | ) | (0.11 | ) | — | (0.84 | ) | (0.84 | ) | ||||||||||||||||||||
2007 - C | 12.74 | (0.06 | ) | (0.05 | ) | (0.11 | ) | — | (0.84 | ) | (0.84 | ) | ||||||||||||||||||||
2007 - Institutional | 14.23 | 0.10 | (0.06 | ) | 0.04 | (0.06 | ) | (0.84 | ) | (0.90 | ) | |||||||||||||||||||||
2007 - Service | 13.59 | 0.02 | (0.05 | ) | (0.03 | ) | — | (0.84 | ) | (0.84 | ) | |||||||||||||||||||||
2006 - A | 14.55 | — | (d) | 0.35 | 0.35 | — | (1.14 | ) | (1.14 | ) | ||||||||||||||||||||||
2006 - B | 13.60 | (0.10 | ) | 0.33 | 0.23 | — | (1.14 | ) | (1.14 | ) | ||||||||||||||||||||||
2006 - C | 13.64 | (0.10 | ) | 0.34 | 0.24 | — | (1.14 | ) | (1.14 | ) | ||||||||||||||||||||||
2006 - Institutional | 14.95 | 0.06 | 0.36 | 0.42 | — | (1.14 | ) | (1.14 | ) | |||||||||||||||||||||||
2006 - Service | 14.40 | (0.01 | ) | 0.34 | 0.33 | — | (1.14 | ) | (1.14 | ) | ||||||||||||||||||||||
2005 - A | 12.24 | (0.02 | ) | 3.02 | 3.00 | — | (0.69 | ) | (0.69 | ) | ||||||||||||||||||||||
2005 - B | 11.56 | (0.11 | ) | 2.84 | 2.73 | — | (0.69 | ) | (0.69 | ) | ||||||||||||||||||||||
2005 - C | 11.60 | (0.11 | ) | 2.84 | 2.73 | — | (0.69 | ) | (0.69 | ) | ||||||||||||||||||||||
2005 - Institutional | 12.52 | 0.04 | 3.08 | 3.12 | — | (0.69 | ) | (0.69 | ) | |||||||||||||||||||||||
2005 - Service | 12.13 | (0.03 | ) | 2.99 | 2.96 | — | (0.69 | ) | (0.69 | ) | ||||||||||||||||||||||
2004 - A | 11.61 | (0.04 | ) | 1.38 | 1.34 | (0.02 | ) | (0.69 | ) | (0.71 | ) | |||||||||||||||||||||
2004 - B | 11.06 | (0.13 | ) | 1.32 | 1.19 | — | (0.69 | ) | (0.69 | ) | ||||||||||||||||||||||
2004 - C | 11.10 | (0.13 | ) | 1.32 | 1.19 | — | (0.69 | ) | (0.69 | ) | ||||||||||||||||||||||
2004 - Institutional | 11.84 | 0.01 | 1.41 | 1.42 | (0.05 | ) | (0.69 | ) | (0.74 | ) | ||||||||||||||||||||||
2004 - Service | 11.53 | (0.05 | ) | 1.36 | 1.31 | (0.02 | ) | (0.69 | ) | (0.71 | ) | |||||||||||||||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | Amount is less than $0.005 per share. |
(e) | Amount is less than 0.005% per share. |
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets(d) | rate | |||||||||||||||||||||||||||
$ | 7.13 | (9.97 | )% | $ | 127,857 | 1.25 | %(c) | 1.56 | %(c) | 1.42 | %(c) | 1.39 | %(c) | 65 | % | |||||||||||||||||||
6.42 | (10.34 | ) | 2,754 | 2.00 | (c) | 0.82 | (c) | 2.17 | (c) | 0.65 | (c) | 65 | ||||||||||||||||||||||
6.45 | (10.29 | ) | 9,678 | 2.00 | (c) | 0.79 | (c) | 2.17 | (c) | 0.62 | (c) | 65 | ||||||||||||||||||||||
7.39 | (9.73 | ) | 393,990 | 0.85 | (c) | 1.87 | (c) | 1.02 | (c) | 1.70 | (c) | 65 | ||||||||||||||||||||||
7.07 | (9.94 | ) | 1,771 | 1.35 | (c) | 1.45 | (c) | 1.52 | (c) | 1.28 | (c) | 65 | ||||||||||||||||||||||
7.09 | (9.83 | ) | 6 | 1.00 | (c) | 1.76 | (c) | 1.17 | (c) | 1.59 | (c) | 65 | ||||||||||||||||||||||
7.10 | (9.99 | ) | 35 | 1.50 | (c) | 0.71 | (c) | 1.67 | (c) | 0.54 | (c) | 65 | ||||||||||||||||||||||
7.98 | (27.45 | ) | 162,243 | 1.25 | (c) | 0.76 | (c) | 1.46 | (c) | 0.55 | (c) | 31 | ||||||||||||||||||||||
7.16 | (27.60 | ) | 3,806 | 2.00 | (c) | 0.01 | (c) | 2.21 | (c) | (0.20 | )(c) | 31 | ||||||||||||||||||||||
7.19 | (27.67 | ) | 11,262 | 2.00 | (c) | 0.01 | (c) | 2.21 | (c) | (0.20 | )(c) | 31 | ||||||||||||||||||||||
8.30 | (27.51 | ) | 419,179 | 0.85 | (c) | 1.16 | (c) | 1.06 | (c) | 0.95 | (c) | 31 | ||||||||||||||||||||||
7.85 | (27.58 | ) | 2,121 | 1.35 | (c) | 0.66 | (c) | 1.56 | (c) | 0.45 | (c) | 31 | ||||||||||||||||||||||
7.96 | (27.50 | ) | 7 | 1.00 | (c) | 0.99 | (c) | 1.21 | (c) | 0.78 | (c) | 31 | ||||||||||||||||||||||
7.93 | (27.58 | ) | 7 | 1.50 | (c) | 0.54 | (c) | 1.71 | (c) | 0.33 | (c) | 31 | ||||||||||||||||||||||
11.00 | (9.73 | ) | 211,930 | 1.25 | 0.12 | 1.36 | 0.01 | 160 | ||||||||||||||||||||||||||
9.89 | (10.39 | ) | 5,807 | 2.00 | (0.57 | ) | 2.11 | (0.68 | ) | 160 | ||||||||||||||||||||||||
9.94 | (10.35 | ) | 16,250 | 2.00 | (0.60 | ) | 2.11 | (0.71 | ) | 160 | ||||||||||||||||||||||||
11.45 | (9.29 | ) | 547,109 | 0.85 | 0.54 | 0.96 | 0.43 | 160 | ||||||||||||||||||||||||||
10.84 | (9.80 | ) | 2,904 | 1.35 | 0.12 | 1.46 | 0.01 | 160 | ||||||||||||||||||||||||||
10.98 | (4.14 | ) | 10 | 1.00 | (c) | 0.36 | (c) | 1.11 | (c) | 0.25 | (c) | 160 | ||||||||||||||||||||||
10.95 | (4.40 | ) | 10 | 1.50 | (c) | (0.07 | )(c) | 1.61 | (c) | (0.18 | )(c) | 160 | ||||||||||||||||||||||
12.89 | (0.76 | ) | 208,875 | 1.26 | 0.24 | 1.34 | 0.16 | 154 | ||||||||||||||||||||||||||
11.74 | (1.52 | ) | 10,875 | 2.01 | (0.51 | ) | 2.09 | (0.59 | ) | 154 | ||||||||||||||||||||||||
11.79 | (1.44 | ) | 21,631 | 2.01 | (0.51 | ) | 2.09 | (0.59 | ) | 154 | ||||||||||||||||||||||||
13.37 | (0.32 | ) | 575,499 | 0.86 | 0.64 | 0.94 | 0.56 | 154 | ||||||||||||||||||||||||||
12.72 | (0.80 | ) | 26,406 | 1.36 | 0.14 | 1.44 | 0.06 | 154 | ||||||||||||||||||||||||||
13.76 | 2.42 | 185,508 | 1.27 | — | (e) | 1.37 | (0.09 | ) | 151 | |||||||||||||||||||||||||
12.69 | 1.66 | 16,197 | 2.02 | (0.75 | ) | 2.11 | (0.84 | ) | 151 | |||||||||||||||||||||||||
12.74 | 1.65 | 25,899 | 2.02 | (0.75 | ) | 2.11 | (0.84 | ) | 151 | |||||||||||||||||||||||||
14.23 | 2.77 | 504,101 | 0.87 | 0.40 | 0.97 | 0.30 | 151 | |||||||||||||||||||||||||||
13.59 | 2.30 | 29,501 | 1.37 | (0.09 | ) | 1.46 | (0.18 | ) | 151 | |||||||||||||||||||||||||
14.55 | 24.97 | 154,877 | 1.33 | (0.15 | ) | 1.41 | (0.23 | ) | 149 | |||||||||||||||||||||||||
13.60 | 24.07 | 19,555 | 2.08 | (0.89 | ) | 2.16 | (0.97 | ) | 149 | |||||||||||||||||||||||||
13.64 | 24.09 | 24,901 | 2.08 | (0.90 | ) | 2.16 | (0.98 | ) | 149 | |||||||||||||||||||||||||
14.95 | 25.57 | 328,912 | 0.93 | 0.25 | 1.01 | 0.17 | 149 | |||||||||||||||||||||||||||
14.40 | 24.86 | 38,412 | 1.43 | (0.26 | ) | 1.51 | (0.34 | ) | 149 | |||||||||||||||||||||||||
12.24 | 11.87 | 114,684 | 1.33 | (0.30 | ) | 1.43 | (0.40 | ) | 153 | |||||||||||||||||||||||||
11.56 | 11.08 | 19,642 | 2.08 | (1.04 | ) | 2.18 | (1.14 | ) | 153 | |||||||||||||||||||||||||
11.60 | 11.05 | 20,915 | 2.08 | (1.05 | ) | 2.18 | (1.15 | ) | 153 | |||||||||||||||||||||||||
12.52 | 12.31 | 145,003 | 0.93 | 0.10 | 1.03 | — | (e) | 153 | ||||||||||||||||||||||||||
12.13 | 11.79 | 42,618 | 1.43 | (0.40 | ) | 1.53 | (0.50 | ) | 153 | |||||||||||||||||||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | ||||||||||||||||||||||||
investment operations | ||||||||||||||||||||||||
Net asset | Net | Distributions | ||||||||||||||||||||||
value, | investment | Net realized | Total from | to shareholders | ||||||||||||||||||||
beginning | income | and unrealized | investment | from net | ||||||||||||||||||||
Year - Share Class | of period | (loss)(a) | gain (loss) | operations | realized gains | |||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | ||||||||||||||||||||||||
2008 - A | $ | 12.66 | $ | 0.04 | $ | (0.57 | ) | $ | (0.53 | ) | $ | — | ||||||||||||
2008 - B | 11.07 | — | (c) | (0.50 | ) | (0.50 | ) | — | ||||||||||||||||
2008 - C | 11.16 | — | (c) | (0.50 | ) | (0.50 | ) | — | ||||||||||||||||
2008 - Institutional | 13.88 | 0.07 | (0.61 | ) | (0.54 | ) | — | |||||||||||||||||
2008 - IR(c) | 12.68 | 0.05 | (0.55 | ) | (0.50 | ) | — | |||||||||||||||||
2008 - R(c) | 12.63 | 0.02 | (0.56 | ) | (0.54 | ) | — | |||||||||||||||||
FOR THE FISCAL YEARS ENDED OCTOBER 31, | ||||||||||||||||||||||||
2008 - A | 36.25 | (0.05 | ) | (9.43 | ) | (9.48 | ) | (14.11 | ) | |||||||||||||||
2008 - B | 33.77 | (0.17 | ) | (8.42 | ) | (8.59 | ) | (14.11 | ) | |||||||||||||||
2008 - C | 33.92 | (0.17 | ) | (8.48 | ) | (8.65 | ) | (14.11 | ) | |||||||||||||||
2008 - Institutional | 38.18 | 0.02 | (10.21 | ) | (10.19 | ) | (14.11 | ) | ||||||||||||||||
2008 - IR (Commenced November 30, 2007) | 33.22 | (0.01 | ) | (6.42 | ) | (6.43 | ) | (14.11 | ) | |||||||||||||||
2008 - R (Commenced November 30, 2007) | 33.22 | (0.08 | ) | (6.40 | ) | (6.48 | ) | (14.11 | ) | |||||||||||||||
2007 - A | 32.78 | (0.27 | ) | 5.59 | 5.32 | (1.85 | ) | |||||||||||||||||
2007 - B | 30.83 | (0.46 | ) | 5.25 | 4.79 | (1.85 | ) | |||||||||||||||||
2007 - C | 30.96 | (0.46 | ) | 5.27 | 4.81 | (1.85 | ) | |||||||||||||||||
2007 - Institutional | 34.28 | (0.12 | ) | 5.87 | 5.75 | (1.85 | ) | |||||||||||||||||
2006 - A | 28.23 | (0.38 | ) | 6.64 | 6.26 | (1.71 | ) | |||||||||||||||||
2006 - B | 26.79 | (0.52 | ) | 6.27 | 5.75 | (1.71 | ) | |||||||||||||||||
2006 - C | 26.89 | (0.52 | ) | 6.30 | 5.78 | (1.71 | ) | |||||||||||||||||
2006 - Institutional | 29.32 | (0.26 | ) | 6.93 | 6.67 | (1.71 | ) | |||||||||||||||||
2005 - A | 26.45 | (0.26 | ) | 2.04 | 1.78 | — | ||||||||||||||||||
2005 - B | 25.25 | (0.40 | ) | 1.94 | 1.54 | — | ||||||||||||||||||
2005 - C | 25.34 | (0.40 | ) | 1.95 | 1.55 | — | ||||||||||||||||||
2005 - Institutional | 27.35 | (0.14 | ) | 2.11 | 1.97 | — | ||||||||||||||||||
FOR THE PERIOD ENDED OCTOBER 31, | ||||||||||||||||||||||||
2004 - A | 26.74 | (0.29 | ) | — | (0.29 | ) | — | |||||||||||||||||
2004 - B | 25.64 | (0.40 | ) | 0.01 | (0.39 | ) | — | |||||||||||||||||
2004 - C | 25.73 | (0.40 | ) | 0.01 | (0.39 | ) | — | |||||||||||||||||
2004 - Institutional | 27.55 | (0.20 | ) | — | (0.20 | ) | — | |||||||||||||||||
FOR THE FISCAL YEAR ENDED DECEMBER 31, | ||||||||||||||||||||||||
2003 - A | 21.76 | (0.33 | ) | 5.31 | 4.98 | — | ||||||||||||||||||
2003 - B | 20.98 | (0.44 | ) | 5.10 | 4.66 | — | ||||||||||||||||||
2003 - C | 21.05 | (0.45 | ) | 5.13 | 4.68 | — | ||||||||||||||||||
2003 - Institutional | 22.31 | (0.23 | ) | 5.47 | 5.24 | — | ||||||||||||||||||
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Amount is less than $0.005 per share. |
(d) | Annualized |
GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | ||||||||||||||||||||||||||||||||||||||
Net assets, | Ratio of | Ratio of | net investment | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||||||
Net asset | end of | net expenses | net expenses | income (loss) | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||||||
value, end | Total | period | to average | (not including fees | to average | (not including fees | to average | to average | turnover | |||||||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | paid indirectly) | net assets | paid indirectly) | net assets | net assets | rate | |||||||||||||||||||||||||||||||
$ | 12.13 | (4.19 | )% | $ | 16,262 | 1.25 | %(d) | 1.25 | %(d) | 0.73 | %(d) | 0.73 | %(d) | 2.67 | %(d) | (0.69 | )%(d) | 68 | % | |||||||||||||||||||||
10.57 | (4.52 | ) | 8,082 | 2.00 | (d) | 2.00 | (d) | (0.02 | )(d) | (0.02 | )(d) | 3.42 | (d) | (1.44 | )(d) | 68 | ||||||||||||||||||||||||
10.66 | (4.48 | ) | 4,383 | 2.00 | (d) | 2.00 | (d) | (0.04 | )(d) | (0.04 | )(d) | 3.42 | (d) | (1.46 | )(d) | 68 | ||||||||||||||||||||||||
13.34 | (3.89 | ) | 3,387 | 0.85 | (d) | 0.85 | (d) | 1.11 | (d) | 1.11 | (d) | 2.27 | (d) | (0.31 | )(d) | 68 | ||||||||||||||||||||||||
12.18 | (3.94 | ) | 6 | 1.00 | (d) | 1.00 | (d) | 0.98 | (d) | 0.98 | (d) | 2.42 | (d) | (0.44 | )(d) | 68 | ||||||||||||||||||||||||
12.09 | (4.28 | ) | 6 | 1.50 | (d) | 1.50 | (d) | 0.42 | (d) | 0.42 | (d) | 2.92 | (d) | (1.00 | )(d) | 68 | ||||||||||||||||||||||||
12.66 | (39.66 | ) | 19,402 | 1.25 | 1.25 | (0.32 | ) | (0.32 | ) | 2.00 | (1.07 | ) | 182 | |||||||||||||||||||||||||||
11.07 | (40.12 | ) | 10,176 | 2.00 | 2.00 | (1.07 | ) | (1.07 | ) | 2.75 | (1.82 | ) | 182 | |||||||||||||||||||||||||||
11.16 | (40.12 | ) | 4,918 | 2.00 | 2.00 | (1.07 | ) | (1.07 | ) | 2.75 | (1.82 | ) | 182 | |||||||||||||||||||||||||||
13.88 | (39.44 | ) | 3,662 | 0.85 | 0.85 | (0.12 | ) | (0.12 | ) | 1.60 | (0.87 | ) | 182 | |||||||||||||||||||||||||||
12.68 | (34.14 | ) | 7 | 1.00 | (d) | 1.00 | (d) | (0.06 | )(d) | (0.06 | )(d) | 1.75 | (d) | (0.81 | )(d) | 182 | ||||||||||||||||||||||||
12.63 | (34.40 | ) | 7 | 1.50 | (d) | 1.50 | (d) | (0.40 | )(d) | (0.40 | )(d) | 2.25 | (d) | (1.15 | )(d) | 182 | ||||||||||||||||||||||||
36.25 | 17.04 | 45,070 | 1.25 | 1.51 | (0.79 | ) | (1.05 | ) | 2.17 | (1.70 | ) | 154 | ||||||||||||||||||||||||||||
33.77 | 16.32 | 26,184 | 1.87 | 2.13 | (1.40 | ) | (1.67 | ) | 2.78 | (2.32 | ) | 154 | ||||||||||||||||||||||||||||
33.92 | 16.32 | 11,911 | 1.87 | 2.13 | (1.40 | ) | (1.67 | ) | 2.78 | (2.32 | ) | 154 | ||||||||||||||||||||||||||||
38.18 | 17.53 | 15,686 | 0.79 | 1.10 | (0.33 | ) | (0.63 | ) | 1.74 | (1.28 | ) | 154 | ||||||||||||||||||||||||||||
32.78 | 23.15 | 47,721 | 1.60 | 1.65 | (1.25 | ) | (1.30 | ) | 2.18 | (1.83 | ) | 60 | ||||||||||||||||||||||||||||
30.83 | 22.40 | 30,515 | 2.15 | 2.20 | (1.80 | ) | (1.85 | ) | 2.73 | (2.37 | ) | 60 | ||||||||||||||||||||||||||||
30.96 | 22.48 | 13,294 | 2.15 | 2.20 | (1.80 | ) | (1.85 | ) | 2.73 | (2.37 | ) | 60 | ||||||||||||||||||||||||||||
34.28 | 23.71 | 19,037 | 1.15 | 1.20 | (0.80 | ) | (0.85 | ) | 1.73 | (1.38 | ) | 60 | ||||||||||||||||||||||||||||
28.23 | 6.69 | 42,959 | 1.20 | 1.65 | (0.92 | ) | (1.37 | ) | 2.23 | (1.95 | ) | 146 | ||||||||||||||||||||||||||||
26.79 | 6.14 | 33,060 | 1.75 | 2.20 | (1.47 | ) | (1.92 | ) | 2.78 | (2.50 | ) | 146 | ||||||||||||||||||||||||||||
26.89 | 6.12 | 13,431 | 1.75 | 2.20 | (1.47 | ) | (1.92 | ) | 2.78 | (2.50 | ) | 146 | ||||||||||||||||||||||||||||
29.32 | 7.20 | 11,836 | 0.75 | 1.20 | (0.47 | ) | (0.92 | ) | 1.78 | (1.50 | ) | 146 | ||||||||||||||||||||||||||||
26.45 | (1.08 | ) | 44,184 | 1.65 | (d) | 1.65 | (d) | (1.34 | )(d) | (1.34 | )(d) | 2.02 | (d) | (1.71 | )(d) | 88 | ||||||||||||||||||||||||
25.25 | (1.52 | ) | 37,430 | 2.20 | (d) | 2.20 | (d) | (1.89 | )(d) | (1.89 | )(d) | 2.57 | (d) | (2.26 | )(d) | 88 | ||||||||||||||||||||||||
25.34 | (1.52 | ) | 15,856 | 2.20 | (d) | 2.20 | (d) | (1.89 | )(d) | (1.89 | )(d) | 2.57 | (d) | (2.26 | )(d) | 88 | ||||||||||||||||||||||||
27.35 | (0.73 | ) | 10,434 | 1.20 | (d) | 1.20 | (d) | (0.89 | )(d) | (0.89 | )(d) | 1.57 | (d) | (1.26 | )(d) | 88 | ||||||||||||||||||||||||
26.74 | 22.89 | 44,265 | 1.65 | 1.65 | (1.41 | ) | (1.41 | ) | 2.04 | (1.80 | ) | 81 | ||||||||||||||||||||||||||||
25.64 | 22.21 | 42,327 | 2.20 | 2.20 | (1.95 | ) | (1.95 | ) | 2.59 | (2.34 | ) | 81 | ||||||||||||||||||||||||||||
25.73 | 22.23 | 16,567 | 2.20 | 2.20 | (1.95 | ) | (1.95 | ) | 2.59 | (2.34 | ) | 81 | ||||||||||||||||||||||||||||
27.55 | 23.49 | 11,317 | 1.20 | 1.20 | (0.95 | ) | (0.95 | ) | 1.59 | (1.34 | ) | 81 | ||||||||||||||||||||||||||||
GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions to | |||||||||||||||||||||||||||||||
investment operations | shareholders | |||||||||||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
Year - Share Class | period | (loss)(a) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE PERIOD ENDED APRIL 30, (UNAUDITED)* | ||||||||||||||||||||||||||||||||
2009 - A | $ | 18.62 | $ | 0.15 | $ | (2.71 | ) | $ | (2.56 | ) | $ | (0.28 | ) | $ | — | $ | (0.28 | ) | ||||||||||||||
2009 - B | 13.16 | 0.07 | (1.93 | ) | (1.86 | ) | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||
2009 - C | 14.84 | 0.08 | (2.18 | ) | (2.10 | ) | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||||
2009 - Institutional | 22.89 | 0.22 | (3.38 | ) | (3.16 | ) | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||||
2009 - IR | 18.69 | 0.17 | (2.75 | ) | (2.58 | ) | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||||
2009 - R | 18.62 | 0.13 | (2.77 | ) | (2.64 | ) | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||||
FOR THE FISCAL YEARS ENDED OCTOBER 31,* | ||||||||||||||||||||||||||||||||
2008 - A | 89.04 | 0.14 | (14.42 | ) | (14.28 | ) | — | (56.14 | ) | (56.14 | ) | |||||||||||||||||||||
2008 - B | 81.13 | (0.07 | ) | (11.76 | ) | (11.83 | ) | — | (56.14 | ) | (56.14 | ) | ||||||||||||||||||||
2008 - C | 83.58 | — | (d) | (12.60 | ) | (12.60 | ) | — | (56.14 | ) | (56.14 | ) | ||||||||||||||||||||
2008 - Institutional | 95.27 | 0.42 | (16.66 | ) | (16.24 | ) | — | (56.14 | ) | (56.14 | ) | |||||||||||||||||||||
2008 - IR (Commenced November 30, 2007) | 81.41 | 0.21 | (6.79 | ) | (6.58 | ) | — | (56.14 | ) | (56.14 | ) | |||||||||||||||||||||
2008 - R (Commenced November 30, 2007) | 81.41 | 0.14 | (6.79 | ) | (6.65 | ) | — | (56.14 | ) | (56.14 | ) | |||||||||||||||||||||
2007 - A | 92.33 | (0.35 | ) | 7.42 | 7.07 | (0.21 | ) | (10.15 | ) | (10.36 | ) | |||||||||||||||||||||
2007 - B | 85.26 | (0.84 | ) | 6.86 | 6.02 | — | (10.15 | ) | (10.15 | ) | ||||||||||||||||||||||
2007 - C | 87.57 | (0.84 | ) | 7.00 | 6.16 | — | (10.15 | ) | (10.15 | ) | ||||||||||||||||||||||
2007 - Institutional | 98.14 | — | (d) | 7.98 | 7.98 | (0.70 | ) | (10.15 | ) | (10.85 | ) | |||||||||||||||||||||
2006 - A | 80.43 | 0.35 | 14.70 | 15.05 | — | (3.15 | ) | (3.15 | ) | |||||||||||||||||||||||
2006 - B | 74.90 | (0.14 | ) | 13.65 | 13.51 | — | (3.15 | ) | (3.15 | ) | ||||||||||||||||||||||
2006 - C | 76.86 | (0.14 | ) | 14.00 | 13.86 | — | (3.15 | ) | (3.15 | ) | ||||||||||||||||||||||
2006 - Institutional | 84.91 | 0.77 | 15.61 | 16.38 | — | (3.15 | ) | (3.15 | ) | |||||||||||||||||||||||
2005 - A | 73.15 | (0.35 | ) | 8.61 | 8.26 | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||||
2005 - B | 68.53 | (0.70 | ) | 8.05 | 7.35 | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||||
2005 - C | 70.28 | (0.77 | ) | 8.33 | 7.56 | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||||
2005 - Institutional | 76.79 | — | (d) | 9.10 | 9.10 | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||||
FOR THE PERIOD ENDED OCTOBER 31,* | ||||||||||||||||||||||||||||||||
2004 - A | 68.46 | (0.21 | ) | 4.90 | 4.69 | — | — | — | ||||||||||||||||||||||||
2004 - B | 64.47 | (0.49 | ) | 4.55 | 4.06 | — | — | — | ||||||||||||||||||||||||
2004 - C | 66.15 | (0.56 | ) | 4.69 | 4.13 | — | — | — | ||||||||||||||||||||||||
2004 - Institutional | 71.68 | 0.07 | 5.04 | 5.11 | — | — | — | |||||||||||||||||||||||||
FOR THE FISCAL YEARS ENDED DECEMBER 31,* | ||||||||||||||||||||||||||||||||
2003 - A | 49.63 | (0.28 | ) | 19.11 | 18.83 | — | — | — | ||||||||||||||||||||||||
2003 - B | 46.97 | (0.56 | ) | 18.06 | 17.50 | — | — | — | ||||||||||||||||||||||||
2003 - C | 48.16 | (0.56 | ) | 18.55 | 17.99 | — | — | — | ||||||||||||||||||||||||
2003 - Institutional | 51.73 | — | (c) | 19.95 | 19.95 | — | — | — | ||||||||||||||||||||||||
* | All per share amounts representing data prior to February 9, 2009 have been restated to reflect a 7 for 1 reverse stock split which occurred on that date. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total Return would be reduced if a sale or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distribution or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | Amount is less than $0.005 per share. |
GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net expenses | net investment | net income (loss) | Ratio of | net investment | ||||||||||||||||||||||||||||||||||||
Net asset | end of | net expenses | (not including | income (loss) | (not including | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||||||||
value, end | Total | period | to average | fees paid | to average | fees paid | to average | to average | turnover | |||||||||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | indirectly) | net assets | indirectly) | net assets | net assets | rate | |||||||||||||||||||||||||||||||||
$ | 15.78 | (13.75 | )% | $ | 69,137 | 1.25 | %(c) | 1.25 | %(c) | 1.95 | %(c) | 1.95 | %(c) | 1.70 | %(c) | 1.50 | %(c) | 63 | % | |||||||||||||||||||||||
11.16 | (13.80 | ) | 29,664 | 2.00 | (c) | 2.00 | (c) | 1.21 | (c) | 1.21 | (c) | 2.45 | (c) | 0.76 | (c) | 63 | ||||||||||||||||||||||||||
12.60 | (14.30 | ) | 19,472 | 2.00 | (c) | 2.00 | (c) | 1.21 | (c) | 1.21 | (c) | 2.45 | (c) | 0.76 | (c) | 63 | ||||||||||||||||||||||||||
19.38 | (13.65 | ) | 1,687 | 0.85 | (c) | 0.85 | (c) | 2.37 | (c) | 2.37 | (c) | 1.30 | (c) | 1.92 | (c) | 63 | ||||||||||||||||||||||||||
15.76 | (14.04 | ) | 6 | 1.00 | (c) | 1.00 | (c) | 2.18 | (c) | 2.18 | (c) | 1.45 | (c) | 1.73 | (c) | 63 | ||||||||||||||||||||||||||
15.77 | (14.02 | ) | 6 | 1.50 | (c) | 1.50 | (c) | 1.69 | (c) | 1.69 | (c) | 1.95 | (c) | 1.24 | (c) | 63 | ||||||||||||||||||||||||||
18.62 | (33.48 | ) | 85,992 | 1.25 | 1.25 | 0.71 | 0.71 | 1.53 | 0.43 | 147 | ||||||||||||||||||||||||||||||||
13.16 | (34.04 | ) | 43,039 | 2.00 | 2.00 | (0.05 | ) | (0.05 | ) | 2.28 | (0.33 | ) | 147 | |||||||||||||||||||||||||||||
14.84 | (33.89 | ) | 26,503 | 2.00 | 2.00 | (0.05 | ) | (0.05 | ) | 2.28 | (0.33 | ) | 147 | |||||||||||||||||||||||||||||
22.89 | (33.07 | ) | 1,599 | 0.85 | 0.85 | 1.05 | 1.05 | 1.13 | 0.77 | 147 | ||||||||||||||||||||||||||||||||
18.69 | (27.00 | ) | 7 | 1.00 | (c) | 1.00 | (c) | 1.03 | (c) | 1.03 | (c) | 1.28 | (c) | 0.75 | (c) | 147 | ||||||||||||||||||||||||||
18.62 | (27.27 | ) | 7 | 1.50 | (c) | 1.50 | (c) | 0.60 | (c) | 0.60 | (c) | 1.78 | (c) | 0.32 | (c) | 147 | ||||||||||||||||||||||||||
89.04 | 8.15 | 213,172 | 1.20 | 1.49 | (0.40 | ) | (0.69 | ) | 1.58 | (0.78 | ) | 97 | ||||||||||||||||||||||||||||||
81.13 | 7.45 | 117,553 | 1.82 | 2.10 | (1.03 | ) | (1.31 | ) | 2.19 | (1.39 | ) | 97 | ||||||||||||||||||||||||||||||
83.58 | 7.41 | 70,151 | 1.82 | 2.10 | (1.01 | ) | (1.29 | ) | 2.19 | (1.39 | ) | 97 | ||||||||||||||||||||||||||||||
95.27 | 8.57 | 16,005 | 0.73 | 1.07 | (0.04 | ) | (0.38 | ) | 1.14 | (0.45 | ) | 97 | ||||||||||||||||||||||||||||||
92.33 | 19.38 | 264,595 | 1.59 | 1.60 | 0.38 | 0.37 | 1.60 | 0.37 | 4 | |||||||||||||||||||||||||||||||||
85.26 | 18.73 | 175,297 | 2.14 | 2.15 | (0.15 | ) | (0.16 | ) | 2.15 | (0.16 | ) | 4 | ||||||||||||||||||||||||||||||
87.57 | 18.71 | 92,123 | 2.14 | 2.15 | (0.16 | ) | (0.17 | ) | 2.15 | (0.17 | ) | 4 | ||||||||||||||||||||||||||||||
98.14 | 19.94 | 25,954 | 1.14 | 1.15 | 0.82 | 0.82 | 1.15 | 0.82 | 4 | |||||||||||||||||||||||||||||||||
80.43 | 11.35 | 252,526 | 1.63 | 1.64 | (0.40 | ) | (0.41 | ) | 1.64 | (0.41 | ) | 4 | ||||||||||||||||||||||||||||||
74.90 | 10.78 | 198,305 | 2.18 | 2.19 | (0.95 | ) | (0.96 | ) | 2.19 | (0.96 | ) | 4 | ||||||||||||||||||||||||||||||
76.86 | 10.81 | 107,803 | 2.18 | 2.19 | (0.95 | ) | (0.96 | ) | 2.19 | (0.96 | ) | 4 | ||||||||||||||||||||||||||||||
84.91 | 11.91 | 21,728 | 1.18 | 1.19 | 0.05 | 0.04 | 1.19 | 0.04 | 4 | |||||||||||||||||||||||||||||||||
73.15 | 6.85 | 254,300 | 1.59 | (c) | 1.59 | (c) | (0.38 | )(c) | (0.38 | )(c) | 1.59 | (c) | (0.38 | )(c) | 10 | |||||||||||||||||||||||||||
68.53 | 6.30 | 208,457 | 2.14 | (c) | 2.14 | (c) | (0.93 | )(c) | (0.93 | )(c) | 2.14 | (c) | (0.93 | )(c) | 10 | |||||||||||||||||||||||||||
70.28 | 6.24 | 114,721 | 2.14 | (c) | 2.14 | (c) | (0.93 | )(c) | (0.93 | )(c) | 2.14 | (c) | (0.93 | )(c) | 10 | |||||||||||||||||||||||||||
76.79 | 7.13 | 9,587 | 1.14 | (c) | 1.14 | (c) | 0.07 | (c) | 0.07 | (c) | 1.14 | (c) | 0.07 | (c) | 10 | |||||||||||||||||||||||||||
68.46 | 37.94 | 250,241 | 1.60 | 1.60 | (0.46 | ) | (0.46 | ) | 1.60 | (0.46 | ) | 8 | ||||||||||||||||||||||||||||||
64.47 | 37.26 | 210,248 | 2.15 | 2.15 | (1.01 | ) | (1.01 | ) | 2.15 | (1.01 | ) | 8 | ||||||||||||||||||||||||||||||
66.15 | 37.35 | 111,311 | 2.15 | 2.15 | (1.01 | ) | (1.01 | ) | 2.15 | (1.01 | ) | 8 | ||||||||||||||||||||||||||||||
71.68 | 38.57 | 10,072 | 1.15 | 1.15 | (0.01 | ) | (0.01 | ) | 1.15 | (0.01 | ) | 8 | ||||||||||||||||||||||||||||||
GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions | |||||||||||||||||||||||||||||||
Net asset | investment operations | to shareholders | ||||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | income (loss)(a) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | ||||||||||||||||||||||||||||||||
2009 - A | $ | 19.02 | $ | 0.19 | $ | (2.06 | ) | $ | (1.87 | ) | $ | (0.38 | ) | $ | (0.07 | ) | $ | (0.45 | ) | |||||||||||||
2009 - B | 17.63 | 0.13 | (1.92 | ) | (1.79 | ) | (0.13 | ) | (0.07 | ) | (0.20 | ) | ||||||||||||||||||||
2009 - C | 17.50 | 0.12 | (1.90 | ) | (1.78 | ) | (0.20 | ) | (0.07 | ) | (0.27 | ) | ||||||||||||||||||||
2009 - Institutional | 19.52 | 0.23 | (2.11 | ) | (1.88 | ) | (0.49 | ) | (0.07 | ) | (0.56 | ) | ||||||||||||||||||||
2009 - Service | 18.84 | 0.18 | (2.05 | ) | (1.87 | ) | (0.28 | ) | (0.07 | ) | (0.35 | ) | ||||||||||||||||||||
2009 - IR | 18.96 | 0.20 | (2.05 | ) | (1.85 | ) | (0.45 | ) | (0.07 | ) | (0.52 | ) | ||||||||||||||||||||
2009 - R | 18.89 | 0.09 | (1.97 | ) | (1.88 | ) | (0.33 | ) | (0.07 | ) | (0.40 | ) | ||||||||||||||||||||
FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008* | ||||||||||||||||||||||||||||||||
2008 - A | 24.97 | 0.04 | (5.99 | ) | (5.95 | ) | — | — | — | |||||||||||||||||||||||
2008 - B | 23.18 | 0.02 | (5.57 | ) | (5.55 | ) | — | — | — | |||||||||||||||||||||||
2008 - C | 23.01 | 0.02 | (5.53 | ) | (5.51 | ) | — | — | — | |||||||||||||||||||||||
2008 - Institutional | 25.61 | 0.06 | (6.15 | ) | (6.09 | ) | — | — | — | |||||||||||||||||||||||
2008 - Service | 24.74 | 0.04 | (5.94 | ) | (5.90 | ) | — | — | — | |||||||||||||||||||||||
2008 - IR | 24.88 | 0.05 | (5.97 | ) | (5.92 | ) | — | — | — | |||||||||||||||||||||||
2008 - R | 24.81 | 0.04 | (5.96 | ) | (5.92 | ) | — | — | — | |||||||||||||||||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2008 - A | 33.30 | 0.29 | (4.86 | ) | (4.57 | ) | (0.34 | ) | (3.42 | ) | (3.76 | ) | ||||||||||||||||||||
2008 - B | 31.17 | 0.08 | (4.54 | ) | (4.46 | ) | (0.11 | ) | (3.42 | ) | (3.53 | ) | ||||||||||||||||||||
2008 - C | 31.01 | 0.07 | (4.49 | ) | (4.42 | ) | (0.16 | ) | (3.42 | ) | (3.58 | ) | ||||||||||||||||||||
2008 - Institutional | 34.07 | 0.42 | (4.98 | ) | (4.56 | ) | (0.48 | ) | (3.42 | ) | (3.90 | ) | ||||||||||||||||||||
2008 - Service | 32.98 | 0.26 | (4.80 | ) | (4.54 | ) | (0.28 | ) | (3.42 | ) | (3.70 | ) | ||||||||||||||||||||
2008 - IR (Commenced November 30, 2007) | 33.02 | 0.26 | (4.49 | ) | (4.23 | ) | (0.49 | ) | (3.42 | ) | (3.91 | ) | ||||||||||||||||||||
2008 - R (Commenced November 30, 2007) | 33.02 | 0.17 | (4.48 | ) | (4.31 | ) | (0.48 | ) | (3.42 | ) | (3.90 | ) | ||||||||||||||||||||
2007 - A | 31.79 | 0.28 | 2.61 | 2.89 | (0.27 | ) | (1.11 | ) | (1.38 | ) | ||||||||||||||||||||||
2007 - B | 29.92 | 0.03 | 2.45 | 2.48 | (0.12 | ) | (1.11 | ) | (1.23 | ) | ||||||||||||||||||||||
2007 - C | 29.78 | 0.02 | 2.45 | 2.47 | (0.13 | ) | (1.11 | ) | (1.24 | ) | ||||||||||||||||||||||
2007 - Institutional | 32.48 | 0.42 | 2.66 | 3.08 | (0.38 | ) | (1.11 | ) | (1.49 | ) | ||||||||||||||||||||||
2007 - Service | 31.50 | 0.24 | 2.59 | 2.83 | (0.24 | ) | (1.11 | ) | (1.35 | ) | ||||||||||||||||||||||
2006 - A | 29.13 | 0.24 | 2.53 | 2.77 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||||||
2006 - B | 27.52 | — | (d) | 2.40 | 2.40 | — | — | — | ||||||||||||||||||||||||
2006 - C | 27.39 | 0.01 | 2.38 | 2.39 | — | — | — | |||||||||||||||||||||||||
2006 - Institutional | 29.72 | 0.38 | 2.56 | 2.94 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||||||
2006 - Service | 28.88 | 0.21 | 2.50 | 2.71 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||
2005 - A | 25.81 | 0.26 | (e) | 3.28 | 3.54 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||||||
2005 - B | 24.39 | 0.05 | (e) | 3.09 | 3.14 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||
2005 - C | 24.30 | 0.05 | (e) | 3.07 | 3.12 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||
2005 - Institutional | 26.32 | 0.36 | (e) | 3.37 | 3.73 | (0.33 | ) | — | (0.33 | ) | ||||||||||||||||||||||
2005 - Service | 25.60 | 0.23 | (e) | 3.25 | 3.48 | (0.20 | ) | — | (0.20 | ) | ||||||||||||||||||||||
2004 - A | 22.57 | 0.11 | 3.20 | 3.31 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||||
2004 - B | 21.42 | (0.08 | ) | 3.05 | 2.97 | — | — | — | ||||||||||||||||||||||||
2004 - C | 21.34 | (0.08 | ) | 3.04 | 2.96 | — | — | — | ||||||||||||||||||||||||
2004 - Institutional | 23.00 | 0.21 | 3.27 | 3.48 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||||||
2004 - Service | 22.40 | 0.08 | 3.19 | 3.27 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||||
* | The Fund changed its fiscal year end from August 31 to October 31. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | Amount is less than $0.005 per share. |
(e) | Reflects income recognized from a special dividend which amounted to $0.10 per share and 0.03% of average net assets. |
GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 16.70 | (9.94 | )% | $ | 317,883 | 0.95 | %(c) | 2.28 | %(c) | 1.21 | %(c) | 2.02 | %(c) | 56 | % | |||||||||||||||||||
15.64 | (10.25 | ) | 28,669 | 1.70 | (c) | 1.66 | (c) | 1.96 | (c) | 1.40 | (c) | 56 | ||||||||||||||||||||||
15.45 | (10.22 | ) | 34,997 | 1.70 | (c) | 1.54 | (c) | 1.96 | (c) | 1.28 | (c) | 56 | ||||||||||||||||||||||
17.08 | (9.77 | ) | 134,658 | 0.55 | (c) | 2.70 | (c) | 0.81 | (c) | 2.44 | (c) | 56 | ||||||||||||||||||||||
16.62 | (9.97 | ) | 2,484 | 1.05 | (c) | 2.18 | (c) | 1.31 | (c) | 1.92 | (c) | 56 | ||||||||||||||||||||||
16.59 | (9.80 | ) | 6 | 0.70 | (c) | 2.51 | (c) | 0.96 | (c) | 2.25 | (c) | 56 | ||||||||||||||||||||||
16.61 | (9.98 | ) | 23 | 1.20 | (c) | 1.16 | (c) | 1.46 | (c) | 0.90 | (c) | 56 | ||||||||||||||||||||||
19.02 | (23.83 | ) | 384,949 | 0.95 | (c) | 1.16 | (c) | 1.22 | (c) | 0.89 | (c) | 27 | ||||||||||||||||||||||
17.63 | (23.94 | ) | 47,671 | 1.70 | (c) | 0.46 | (c) | 1.97 | (c) | 0.19 | (c) | 27 | ||||||||||||||||||||||
17.50 | (23.95 | ) | 42,816 | 1.70 | (c) | 0.41 | (c) | 1.97 | (c) | 0.14 | (c) | 27 | ||||||||||||||||||||||
19.52 | (23.78 | ) | 177,704 | 0.55 | (c) | 1.57 | (c) | 0.82 | (c) | 1.30 | (c) | 27 | ||||||||||||||||||||||
18.84 | (23.85 | ) | 2,949 | 1.05 | (c) | 1.05 | (c) | 1.32 | (c) | 0.78 | (c) | 27 | ||||||||||||||||||||||
18.96 | (23.79 | ) | 6 | 0.70 | (c) | 1.48 | (c) | 0.97 | (c) | 1.21 | (c) | 27 | ||||||||||||||||||||||
18.89 | (23.86 | ) | 6 | 1.20 | (c) | 0.99 | (c) | 1.47 | (c) | 0.72 | (c) | 27 | ||||||||||||||||||||||
24.97 | (15.39 | ) | 530,590 | 0.95 | 1.03 | 1.13 | 0.85 | 96 | ||||||||||||||||||||||||||
23.18 | (16.04 | ) | 77,406 | 1.70 | 0.28 | 1.88 | 0.10 | 96 | ||||||||||||||||||||||||||
23.01 | (16.01 | ) | 58,873 | 1.70 | 0.28 | 1.88 | 0.10 | 96 | ||||||||||||||||||||||||||
25.61 | (15.09 | ) | 253,353 | 0.55 | 1.40 | 0.73 | 1.22 | 96 | ||||||||||||||||||||||||||
24.74 | (15.43 | ) | 3,908 | 1.05 | 0.91 | 1.23 | 0.73 | 96 | ||||||||||||||||||||||||||
24.88 | (14.61 | ) | 9 | 0.70 | (c) | 1.30 | (c) | 0.88 | (c) | 1.12 | (c) | 96 | ||||||||||||||||||||||
24.81 | (14.89 | ) | 9 | 1.20 | (c) | 0.85 | (c) | 1.38 | (c) | 0.67 | (c) | 96 | ||||||||||||||||||||||
33.30 | 9.11 | 863,259 | 0.95 | 0.82 | 1.10 | 0.67 | 119 | |||||||||||||||||||||||||||
31.17 | 8.27 | 154,414 | 1.70 | 0.09 | 1.85 | (0.06 | ) | 119 | ||||||||||||||||||||||||||
31.01 | 8.27 | 100,803 | 1.70 | 0.07 | 1.85 | (0.08 | ) | 119 | ||||||||||||||||||||||||||
34.07 | 9.56 | 594,020 | 0.55 | 1.22 | 0.70 | 1.07 | 119 | |||||||||||||||||||||||||||
32.98 | 9.01 | 15,884 | 1.05 | 0.72 | 1.20 | 0.57 | 119 | |||||||||||||||||||||||||||
31.79 | 9.51 | 611,999 | 0.99 | 0.79 | 1.15 | 0.64 | 129 | |||||||||||||||||||||||||||
29.92 | 8.72 | 78,110 | 1.75 | 0.01 | 1.90 | (0.13 | ) | 129 | ||||||||||||||||||||||||||
29.78 | 8.73 | 36,628 | 1.75 | 0.03 | 1.90 | (0.12 | ) | 129 | ||||||||||||||||||||||||||
32.48 | 9.97 | 644,250 | 0.59 | 1.22 | 0.75 | 1.06 | 129 | |||||||||||||||||||||||||||
31.50 | 9.39 | 13,019 | 1.09 | 0.70 | 1.25 | 0.55 | 129 | |||||||||||||||||||||||||||
29.13 | 13.75 | 477,204 | 1.09 | 0.93 | (e) | 1.19 | 0.83 | (e) | 142 | |||||||||||||||||||||||||
27.52 | 12.87 | 108,595 | 1.84 | 0.19 | (e) | 1.94 | 0.09 | (e) | 142 | |||||||||||||||||||||||||
27.39 | 12.86 | 38,380 | 1.84 | 0.20 | (e) | 1.94 | 0.10 | (e) | 142 | |||||||||||||||||||||||||
29.72 | 14.16 | 269,545 | 0.69 | 1.23 | (e) | 0.79 | 1.13 | (e) | 142 | |||||||||||||||||||||||||
28.88 | 13.61 | 10,328 | 1.15 | 0.84 | (e) | 1.25 | 0.74 | (e) | 142 | |||||||||||||||||||||||||
25.81 | 14.71 | 398,346 | 1.13 | 0.43 | 1.25 | 0.31 | 112 | |||||||||||||||||||||||||||
24.39 | 13.87 | 115,492 | 1.88 | (0.32 | ) | 2.00 | (0.44 | ) | 112 | |||||||||||||||||||||||||
24.30 | 13.87 | 38,656 | 1.88 | (0.32 | ) | 2.00 | (0.44 | ) | 112 | |||||||||||||||||||||||||
26.32 | 15.18 | 140,587 | 0.73 | 0.83 | 0.85 | 0.71 | 112 | |||||||||||||||||||||||||||
25.60 | 14.60 | 9,215 | 1.23 | 0.33 | 1.35 | 0.21 | 112 | |||||||||||||||||||||||||||
GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS
Fund Expenses — Six Month Period Ended April 30, 2009 (Unaudited)
As a shareholder of Class A, Class B, Class C, Institutional, Service, Class IR or Class R Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (with respect to Class A Shares), contingent deferred sales charges (loads) on redemptions (with respect to Class B and Class C Shares), and redemption fees (if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2008 through April 30, 2009.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Balanced Fund | Structured Large Cap Growth Fund | Structured Large Cap Value Fund | Structured Small Cap Equity Fund | Structured Small Cap Growth Fund | Structured Small Cap Value Fund | Structured U.S. Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses Paid for | Expenses Paid for | Expenses Paid for | Expenses Paid for | Expenses Paid for | Expenses Paid for | Expenses Paid for | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | the | Beginning Account | Ending | the | Beginning Account | Ending | the | Beginning Account | Ending | the | Beginning Account | Ending | the | Beginning Account | Ending | the | Beginning Account | Ending | the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Account Value | Account Value | 6 months ended | Value | Account Value | 6 months ended | Value | Account Value | 6 months ended | Value | Account Value | 6 months ended | Value | Account Value | 6 months ended | Value | Account Value | 6 months ended | Value | Account Value | 6 months ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Class | 11/01/08 | 4/30/09 | 4/30/09* | 11/01/08 | 4/30/09 | 4/30/09* | 11/01/08 | 4/30/09 | 4/30/09* | 11/01/08 | 4/30/09 | 4/30/09* | 11/01/08 | 4/30/09 | 4/30/09* | 11/01/08 | 4/30/09 | 4/30/09* | 11/01/08 | 4/30/09 | 4/30/09* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 967.00 | $ | 5.14 | $ | 1,000.00 | $ | 967.00 | $ | 4.64 | $ | 1,000.00 | $ | 840.80 | $ | 4.32 | $ | 1,000.00 | $ | 900.30 | $ | 5.91 | $ | 1,000.00 | $ | 958.10 | $ | 6.08 | $ | 1,000.00 | $ | 862.50 | $ | 5.79 | $ | 1,000.00 | $ | 900.60 | $ | 4.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000.00 | 1,019.57 | + | 5.27 | 1,000.00 | 1,020.08 | + | 4.76 | 1,000.00 | 1,020.10 | + | 4.74 | 1,000.00 | 1,018.58 | + | 6.27 | 1,000.00 | 1,018.58 | + | 6.27 | 1,000.00 | 1,018.58 | + | 6.28 | 1,000.00 | 1,020.06 | + | 4.78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 963.70 | 8.78 | 1,000.00 | 962.30 | 8.28 | 1,000.00 | 837.60 | 7.73 | 1,000.00 | 896.60 | 9.42 | 1,000.00 | 954.80 | 9.71 | 1,000.00 | 862.00 | 9.25 | 1,000.00 | 897.50 | 8.01 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000.00 | 1,015.85 | + | 9.01 | 1,000.00 | 1,016.36 | + | 8.51 | 1,000.00 | 1,016.38 | + | 8.48 | 1,000.00 | 1,014.86 | + | 10.01 | 1,000.00 | 1,014.86 | + | 10.01 | 1,000.00 | 1,014.86 | + | 10.01 | 1,000.00 | 1,016.35 | + | 8.51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 963.80 | 8.78 | 1,000.00 | 962.30 | 8.28 | 1,000.00 | 838.80 | 7.74 | 1,000.00 | 897.10 | 9.43 | 1,000.00 | 955.20 | 9.72 | 1,000.00 | 857.00 | 9.22 | 1,000.00 | 897.80 | 8.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000.00 | 1,015.85 | + | 9.02 | 1,000.00 | 1,016.35 | + | 8.51 | 1,000.00 | 1,016.38 | + | 8.49 | 1,000.00 | 1,014.86 | + | 10.01 | 1,000.00 | 1,014.86 | + | 10.01 | 1,000.00 | 1,014.86 | + | 10.01 | 1,000.00 | 1,016.34 | + | 8.52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 986.10 | 3.19 | 1,000.00 | 967.90 | 2.69 | 1,000.00 | 842.60 | 2.50 | 1,000.00 | 902.70 | 4.03 | 1,000.00 | 961.10 | 4.15 | 1,000.00 | 863.50 | 3.95 | 1,000.00 | 902.30 | 2.61 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000.00 | 1,021.55 | + | 3.28 | 1,000.00 | 1,022.06 | + | 2.76 | 1,000.00 | 1,022.08 | + | 2.74 | 1,000.00 | 1,020.56 | + | 4.28 | 1,000.00 | 1,020.56 | + | 4.28 | 1,000.00 | 1,020.55 | + | 4.28 | 1,000.00 | 1,022.05 | + | 2.78 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service# | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | N/A | N/A | N/A | 1,000.00 | 966.60 | 5.12 | 1,000.00 | 841.00 | 4.78 | 1,000.00 | 900.60 | 6.38 | N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 900.30 | 4.96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | N/A | N/A | N/A | 1,000.00 | 1,019.58 | + | 5.26 | 1,000.00 | 1,019.60 | + | 5.25 | 1,000.00 | 1,018.08 | + | 6.78 | N/A | N/A | N/A | N/A | N/A | N/A | 1,000.00 | 1,019.57 | + | 5.28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class IR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | N/A | N/A | N/A | 1,000.00 | 968.10 | 3.42 | 1,000.00 | 841.80 | 3.31 | 1,000.00 | 901.70 | 4.85 | 1,000.00 | 960.60 | 4.79 | 1,000.00 | 859.60 | 4.75 | 1,000.00 | 902.00 | 3.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | N/A | N/A | N/A | 1,000.00 | 1,021.32 | + | 3.51 | 1,000.00 | 1,021.20 | + | 3.64 | 1,000.00 | 1,019.70 | + | 5.15 | 1,000.00 | 1,019.91 | + | 4.93 | 1,000.00 | 1,019.69 | + | 5.16 | 1,000.00 | 1,021.27 | + | 3.56 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | N/A | N/A | N/A | 1,000.00 | 965.50 | 5.85 | 1,000.00 | 840.50 | 5.35 | 1,000.00 | 900.10 | 7.10 | 1,000.00 | 957.20 | 7.42 | 1,000.00 | 859.80 | 6.96 | 1,000.00 | 900.20 | 5.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | N/A | N/A | N/A | 1,000.00 | 1,018.84 | + | 6.01 | 1,000.00 | 1,018.98 | + | 5.87 | 1,000.00 | 1,017.32 | + | 7.54 | 1,000.00 | 1,017.21 | + | 7.65 | 1,000.00 | 1,017.31 | + | 7.54 | 1,000.00 | 1,018.88 | + | 5.97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows: |
Fund | Class A | Class B | Class C | Institutional | Service# | Class IR | Class R | |||||||||||||||||||||||||
Balanced | 1.05 | % | 1.80 | % | 1.80 | % | 0.65 | % | N/A | N/A | N/A | |||||||||||||||||||||
Structured Large Cap Growth | 0.95 | 1.70 | 1.70 | 0.55 | 1.05 | % | 0.70 | % | 1.20 | % | ||||||||||||||||||||||
Structured Large Cap Value | 0.95 | 1.70 | 1.70 | 0.55 | 1.05 | 0.70 | 1.20 | |||||||||||||||||||||||||
Structured Small Cap Equity | 1.25 | 2.00 | 2.00 | 0.85 | 1.35 | 1.00 | 1.50 | |||||||||||||||||||||||||
Structured Small Cap Growth | 1.25 | 2.00 | 2.00 | 0.85 | N/A | 1.00 | 1.50 | |||||||||||||||||||||||||
Structured Small Cap Value | 1.25 | 2.00 | 2.00 | 0.85 | N/A | 1.00 | 1.50 | |||||||||||||||||||||||||
Structured U.S. Equity | 0.95 | 1.70 | 1.70 | 0.55 | 1.05 | 0.70 | 1.20 | |||||||||||||||||||||||||
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
# | As of March 13, 2009, the Service Shares of the Balanced, Structured Small Cap Growth and Structured Small Cap Value Funds were liquidated. |
132
FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $712.6 billion in assets under management as of March 30, 2009 — our investment professionals bring firsthand knowledge of local markets to every investment decision, making us one of the few truly global asset managers.
GOLDMAN SACHS FUNDS
In building a globally diversified portfolio, you can select from more than 80 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.
Money Market1 Fixed Income n Enhanced Income Fund n Ultra-Short Duration Government Fund n Short Duration Government Fund n Short Duration Tax-Free Fund n Municipal Income Fund n Government Income Fund n Inflation Protected Securities Fund n U.S. Mortgages Fund n Core Fixed Income Fund n Core Plus Fixed Income Fund n Investment Grade Credit Fund n Global Income Fund n High Yield Municipal Fund n High Yield Fund n Emerging Markets Debt Fund n Local Emerging Markets Debt Fund | Domestic Equity n Balanced Fund n Growth and Income Fund n Structured Large Cap Value Fund n Large Cap Value Fund n Structured U.S. Equity Fund n Structured Large Cap Growth Fund n Capital Growth Fund n Strategic Growth Fund n All Cap Growth Fund n Concentrated Growth Fund n Tollkeeper FundSM n Mid Cap Value Fund n Growth Opportunities Fund n Small/Mid Cap Growth Fund n Structured Small Cap Equity Fund n Structured Small Cap Value Fund n Structured Small Cap Growth Fund n Small Cap Value Fund Fund of Funds2 n Asset Allocation Portfolios n Income Strategies Portfolio n Satellite Strategies Portfolio n Enhanced Dividend Global Equity Portfolio n Tax-Advantaged Global Equity Portfolio | Retirement Strategies2 International Equity n Structured International Equity Fund n Structured International Equity Flex Fund n Strategic International Equity Fund n Concentrated International Equity Fund n Structured International Small Cap Fund n International Small Cap Fund n Asia Equity Fund n Structured Emerging Markets Equity Fund n Emerging Markets Equity Fund n BRIC Fund (Brazil, Russia, India, China) Specialty2 n U.S. Equity Dividend and Premium Fund n International Equity Dividend and Premium Fund n Structured Tax-Managed Equity Fund n Structured International Tax-Managed Equity Fund n Real Estate Securities Fund n International Real Estate Securities Fund n Commodity Strategy Fund n Absolute Return Tracker Fund |
An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. | |
2 | Individual Funds within the Fund of Funds, Retirement Strategies and Specialty categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Fund of Funds, Retirement Strategies or Specialty category. |
The Goldman Sachs Tollkeeper FundSM is a registered service mark of Goldman, Sachs & Co.
TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel | OFFICERS James A. McNamara, President John M. Perlowski, Senior Vice President and Treasurer Peter V. Bonanno, Secretary | |
GOLDMAN, SACHS & CO. Distributor and Transfer Agent | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission Web site at http://www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (”SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.
Copyright 2009 Goldman, Sachs & Co. All rights reserved. 23653.MF.TMPL STDOMSAR / 75.1K / 05-09
ITEM 2. | CODE OF ETHICS. |
(a) | The information required by this Item is only required in an annual report on this Form N-CSR. | ||
(b) | During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. | ||
(c) | During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics. | ||
(d) | A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The information required by this Item is only required in an annual report on this Form N-CSR.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The information required by this Item is only required in an annual report on this Form N-CSR.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. | |
The information required by this Item is only required in an annual report on this Form N-CSR. |
ITEM 6. | SCHEDULE OF INVESTMENTS. | |
The Schedule of Investments is included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. | |
Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. | |
ITEM 11. | CONTROLS AND PROCEDURES. | |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. | ||
ITEM 12. | EXHIBITS. |
(a)(1) | Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant's Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984). | |||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
Goldman Sachs Trust | ||||||
By: | /s/ James A. McNamara | |||||
James A. McNamara | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | July 1, 2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
By: | /s/ James A. McNamara | |||||
James A. McNamara | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | July 1, 2009 | |||||
By: | /s/ John M. Perlowski | |||||
John M. Perlowski | ||||||
Treasurer/Principal Financial Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | July 1, 2009 |